Arcus Biosciences

RCUS · NYSE

$23.75+$1.61 (+7.27%)TodayMarket closed · Oct 20, 7:55 PM ET

Prev close $22.14

RCUS analyst rating

BuyConsensus of 14 analysts over the last 12 months. 71% rate it a buy.

Strong buy0
Buy10
Hold4
Underperform0
Sell0

12-month price target · 13 analysts

Average $40.71 (+71.4% upside)

Low: $23.23
Now: $23.75
High: $49.35

Upgrades and downgrades

The latest rating actions, newest first

RCUS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
William Blair	Oct 16, 2026	Initiates	Outperform	—	52%
JP Morgan	Oct 14, 2026	Initiates	Overweight	$41.00	18%
Wedbush	Sep 30, 2026	Maintains	Outperform	$43.00	39%
TD Cowen	Sep 16, 2026	Initiates	Buy	—	38%
Truist Securities	Sep 8, 2026	Maintains	Buy	$35.00 → $40.00	25%
Wells Fargo	Aug 6, 2026	Maintains	Equal-Weight	$23.00 → $26.00	71%
Wedbush	Aug 6, 2026	Maintains	Outperform	$41.00 → $43.00	39%
HC Wainwright & Co.	Jul 20, 2026	Maintains	Buy	$32.00 → $45.00	27%
LifeSci Capital	Jun 4, 2026	Initiates	Outperform	$46.00	47%
Truist Securities	May 18, 2026	Initiates	Buy	$30.00 → $35.00	25%

The case for and against

Updated Oct 14, 2026

Bull case

Arcus Biosciences is viewed favorably because casdatifan appears positioned as a potentially differentiated HIF-2α backbone in ccRCC, with evidence of better tolerability and deeper inhibition than belzutifan and the prospect of broad use across 1L, 2L+, and later settings. The upcoming ARC-20 and PEAK-1 readouts are central catalysts, with data from 121 monotherapy patients, ~20-30 1L patients, and ~45 post-IO patients expected to further de-risk development and support a competitive profile even without needing to dramatically outperform on headline mPFS. Beyond casdatifan, the company has multiple shots on goal in oncology and immunology, including PRISM-1 in 1H:27, AB102 in 3Q:26, and CCR6/TNFR1 programs in 1H:27, while 2Q:26 updates reinforce an aggressive, expanding pipeline.

Bear case

Arcus Biosciences is viewed negatively because its valuation depends heavily on a pipeline that still faces meaningful clinical, regulatory, and commercial uncertainty, especially around AB154 and domvanalimab, either of which could fail on efficacy or safety. The excerpt also highlights that competitive dynamics may pressure adoption, while product and partnership risks further cloud the path to meaningful sales execution. Although Q2 showed a net loss of $91M, or ($0.72) per share, and $775M in cash and equivalents expected to fund operations until at least 2H:28, that liquidity only extends development runway and does not remove the core risk that late-stage programs may not translate into durable revenue.

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