Arcus Biosciences downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Arcus Biosciences (RCUS) to Equal Weight from Overweight with a price target of $23, down from $30. The firm cites potential data readout headwinds from the American Society of Clinical Oncology Genitourinary Cancers Symposium and unclear differentiation for Welireg for the downgrade. The LITESPARK-001 and 002 readouts at ASCO-GU evaluating Welireg plus Keytruda could have a negative impact on the shares of Arcus Biosciences and Exelixis (EXEL), the analyst tells investors in a research note.