Arcus Biosciences Inc

In Stage 3 distribution, RCUS has broken below key moving averages and is trading under declining 9 and 21 EMAs as well as the 50 SMA, indicating supply dominance and bearish continuation; we recommend selling now on any rebound into EMA and near-term resistance levels to engage in the anticipated markdown.

• ↑Casdatafan achieves 45% ORR vs Belzutifan’s 22.5% and 15.1-month median PFS
• ↑Cash reserves of ~$1B at Q2 2024 fund operations into mid-2027
• ↓Negative profitability and earnings yield reflect weak return generation