Yigal Nochomovitz, an analyst from Citi, reiterated the Buy rating on Arcus Biosciences (RCUS – Research Report). The associated price target is $44.00.
Yigal Nochomovitz has assigned a Buy rating to Arcus Biosciences, influenced by a multifaceted analysis of recent strategic updates and advancement in the company’s clinical trials. His assessment is rooted in the understanding that despite the discontinuation of the ARC-10 study, this decision was not a reflection of negative data but a strategic pivot influenced by changes in the treatment landscape for PD-L1-high NSCLC. He recognizes the limited target market for a chemo-free regimen, which has shifted Arcus/Gilead’s focus to the STAR-121 study, targeting a broader patient population with a combination therapy approach.
Further supporting the Buy rating, Nochomovitz anticipates significant upcoming catalysts including the completion of enrollment in the STAR-121 and STAR-221 trials by the year’s end, along with the initiation of a new Phase 3 study in early-stage NSCLC. He notes the potential for positive data readouts from other studies such as EDGE-Gastric and VELOCITY-Lung in 2024. Additionally, the projected initiation of a Phase 3 trial for their HIF2α inhibitor in RCC by early 2025 bolsters the company’s pipeline potential. These factors, combined with the substantial expected share price return of 187.6%, underpin Nochomovitz’s optimistic outlook on Arcus Biosciences.
In another report released today, BTIG also maintained a Buy rating on the stock with a $70.00 price target.
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Arcus Biosciences (RCUS) Company Description:
Arcus Biosciences, Inc. engages in the development and commercialization of immunotherapies. The firm compete in the segments of the pharmaceutical, biotechnology and other related markets that develop immunotherapies for the treatment of cancer. The company was founded by Terry J. Rosen and Juan Carlos Jaen in 2015 and is headquartered in Hayward, CA.
Read More on RCUS:
