Arcus Biosciences price target lowered to $18 from $20 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Arcus Biosciences (RCUS) to $18 from $20 and keeps a Buy rating on the shares after the company hosted a conference call to discuss updated data for casdatifan from the ARC-20 study for treatment of clear cell renal cell carcinoma that were presented at ASCO-GU over the weekend. The company also announced that Gilead’s (GILD) opt-in period for casdatifan has expired without the company choosing to opt-in, to the firm’s “surprise,” though Gilead did participate in the $150M equity raise that was also announced this morning, the analyst tells investors. The firm updated its model to remove Gilead collaboration estimates for casdatifan, including the $150M milestone it was estimating, and instead has modeled in the $150M equity raise that was announced this morning.