Arcus Biosciences price target lowered to $44 from $50 at Truist

Truist lowered the firm’s price target on Arcus Biosciences to $44 from $50 but keeps a Buy rating on the shares. The firm is citing its “increasing appreciation” of Arcus’ “well-stacked” pipeline, where three assets – Domvanalimab, Etrumadenant and Quemliclustat – now have compelling Phase 1 / Phase 2 proof of concept data in hand and are pursuing registration-enabling studies, the analyst tells investors in a research note. Investor may have some “angst” with immuno-oncology drug combinations, but Truist has “favorable expectations” for Arcus Biosciences.