Citi reiterates buy rating on Arcus Biosciences after stock drops 20%

Citi analyst Yigal Nochomovitz reiterated a Buy rating and $50.00 price target on Arcus Biosciences (NYSE: RCUS) following a 20% drop in the company's share price.

According to the analyst, the stock's decline was driven in part by a follow-on offering and market expectations that the company's second-line median progression-free survival (2L mPFS) would reach at least 15 months. The reported figure came in at 14.5 months, which the analyst noted was in line with a comparable result of 14.6 months seen in the LS-011 trial.

Nochomovitz noted that the 14.5-month result did not benefit from LS-011's exclusion of prior-lenva patients, who are considered likely to experience poorer outcomes, yet achieved a similar mPFS figure.

You May Also Be Interested In

• Meta's Muse AI to counter China models with subscribers, not ads, Alexandr Wang says - Nikkei
• Goldcana closes $1M private placement of flow-through shares
• Rexford Industrial Realty (REXR) files mixed shelf