ARCUS BIOSCIENCES STOCK SINKS ON SHARE SALE

Arcus Biosciences ($RCUS) stock sank on October 21 after the company launched a new public offering of common stock, even as it disclosed $694 million in cash and encouraging late-stage data for its kidney cancer drug casdatifan. In heavily pretreated clear cell renal cell carcinoma patients, casdatifan produced a 36% response rate and a 35-month median overall survival, according to results filed with the SEC a day earlier. Investors focused on dilution instead of the clinical progress.