Here's Why Arcus Biosciences Is Losing Ground Today
Shares of Arcus Biosciences (NYSE: RCUS), a clinical-stage biotechnology company developing novel cancer therapies, are getting beaten down following an announcement that should be highly positive. Instead of a juicy buyout offer, Gilead Sciences (NASDAQ: GILD) has decided to forge a collaboration agreement. As a result, the stock has fallen 19.44% as of 3:55 p.m. EDT on Wednesday.
Back in April, shares of Arcus soared after an article in Bloomberg suggested Gilead Sciences would acquire a large stake, or perhaps all of Arcus Biosciences. Instead, Arcus will receive $175 up front and a $200 equity investment as part of a partnership to co-develop potential new cancer therapies.
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Source Fool.com
