Arcus Biosciences price target raised to $38 from $36 at Citi

Citi analyst Yigal Nochomovitz raised the firm’s price target on Arcus Biosciences to $38 from $36 and keeps a Buy rating on the shares. The EDGE-Gastric results showed a “promising” median progression free survival of 12.9 months in the overall population, consistent across PD-L1-high and PD-L1- low subpopulations, the analyst tells investors in a research note. The firm believes STAR-221 appears well-positioned to work, but notes it needs to be a bit cautious about ascribing very high confidence in the Phase 3 given caveats.