Arcus Biosciences (RCUS) PT Raised to 'Street High' $70 at Truist Securities
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Truist Securities analyst Robyn Karnauskas raised the price target on Arcus Biosciences (NYSE: RCUS) to a "Street HIgh" $70.00 (from $45.00) while maintaining a Buy rating.
The analyst commented, "RCUS's Ph1 mPDAC data at ASCO-GI exceeded expectations (bar 35% - 40%) with 41% ORR; we see this as further validation of RCUS’s combo strategy across different indications; caveat, data from 17 pts. We see this as one of our names with a major catalyst in 2021 (data from randomized Ph2 TIGIT 1L NSCLC trial). With multiple catalysts in 2021, we see potential for significant upside to stock and are increasing our PT to $70/sh (prev. $45/sh). AB680 is also part of GILD collaboration & while we await opt-in decision from GILD, we see this as another positive around GILD’s partnership deals."
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