Truist analyst Asthika Goonewardene raised the firm’s price target on Arcus Biosciences (RCUS) to $39 from $32 and keeps a Buy rating on the shares. After the company’s Rasdatifan data update yesterday, it is setting more favorable expectations for this potentially best-in-class drug in kidney cancer, also noting that the data bode well for the ongoing Phase 1 Cas + Cabometyx combo study, the analyst tells investors in a research note. The firm is also increasing its assumptions on probability of success and penetration, bringing its 2034 risk-adjusted sales to $1.5B vs $1.0B previously, Truist added.
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