Arcus Biosciences falls after $250 mln stock sale

Shares of Arcus Biosciences RCUS.N down 5% before the bell to $19.19 after overnight $250 mln follow-on priced

Hayward, California-based RCUS late Thurs sold 13.7 mln shares at $18.25, a 9.6% discount to stock's last sale

It intends to use net offering proceeds to fund ongoing R&D, including expanding clinical development program for casdatifan, its therapy for kidney cancer, and development of its immunology and inflammation portfolio, per the prospectus

RCUS has about 108 mln shares outstanding for roughly $2 bln market cap

Leerink Partners, Goldman Sachs, Cantor Fitzgerald, Mizuho and Truist are joint bookrunners for offering

Through Thurs close, stock up ~36% YTD

11 of 13 analysts rate RCUS "strong buy" or "buy", 2 rate "hold"; median PT of $29 up from $25 a month ago, per LSEG