Arcus Biosciences downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Arcus Biosciences (RCUS) to Equal Weight from Overweight with a price target of $20, down from $23. The firm sees a more balanced risk/reward at current share levels. Much of the focus for the stock will remain centered on casdatifan, but there are only incremental updates in 2026, the analyst tells investors in a research note.