Arcus Biosciences (RCUS) PT Raised to $46 at Citi

Citi analyst Yigal Nochomovitz raised the price target on Arcus Biosciences (NYSE: RCUS) to $46.00 (from $38.00) while maintaining a Buy rating.

The analyst comments "The Triple data for cas, while still evolving, provide in our view a very favorable picture of clinical benefit/risk, and we believe cas should be promoted to playing a more prominent role in the investment thesis. We have therefore added cas to our model in post-IO ccRCC, with a ~65% PoS, pricing in line with belz, and a 2028 US launch, moving our target to $46. Some investors had wondered how mgmt.’s qualitative commentary over the past few quarters (see here) on cas’ profile vs. belz, both on ORR and primary progression, would align with the eventual data, and the Triple presentation was reassuringly very consistent with our hypothesis ORR would be in the vicinity of ~30% and primary progression would fall in the low-20s or perhaps teens. We are reiterating our Buy and today’s update provides a very good opportunity to re-examine the story for those disillusioned with TIGIT."

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