Arcus Biosciences price target lowered to $30 from $36 at Wedbush

Wedbush lowered the firm’s price target on Arcus Biosciences (RCUS) to $30 from $36 and keeps an Outperform rating on the shares. The firm notes Arcus announced a $320M equity investment from Gilead (GILD) along with multiple Phase 3 program updates. In NSCLC, Arcus announced plans to discontinue enrollment for the Phase 3 ARC-10, citing the changing treatment landscape in the PD-L1 high setting, and ongoing study STAR-121 that is expected to reach full enrollment in 2024.