RCUS - HIF the Lift - Casdatifan Deepens Its Best-In-Class Case in RCC; Assume Coverage & Raise PT to $35

研报英文原文证据摘录

RCUS - HIF the Lift - Casdatifan Deepens Its Best-In-Class Case in RCC; Assume Coverage & Raise PT to $35

Truist Securities

Equity Research Report May 18, 2026

HEALTHCARE: Biotech Arcus Biosciences, Inc. (RCUS)

RCUS - HIF the Lift - Casdatifan Deepens Its Best-In-Class Case in Supawat Thongthip, Ph.D.

212-401-4429 RCC; Assume Coverage & Raise PT to $35

Supawat.Thongthip@truist.com

Gregory Renza, M.D. We assume coverage at Buy (unchanged) and raise our PT to $35 (from $30). We view

212-419-4617 the setup as increasingly compelling with upside driven by casdatifan's validated MoA and

Gregory.Renza@truist.com emerging best-in-class profile in RCC. As the PEAK-1 pivotal study in 2L ccRCC advances

and line expansion efforts (1L and 3L+) continue, we see a path to our ~$2.9B peak revenue

Anish Nikhanj, Ph.D. est. Beyond casdatifan, we underscore RCUS' proven medicinal chemistry capabilities,

212-326-3106 which we think could drive further value creation from the broader I&I portfolio (MRGPRX2,

Anish.Nikhanj@truist.com TNFi, CCR6i). Collectively, casdatifan's potential as the next backbone therapy in RCC and

I&I optionality are a key anchor to our refreshed thesis.

Stock Rating BUY Building toward a differentiated RCC franchise with emerging I&I upside. Our thesis on

Unchanged RCUS centers on casdatifan ("cas"), which we view as a potential best-in-class HIF-2α agent

in clear cell renal cell carcinoma (ccRCC). We see the pivotal PEAK-1 study (cas + cabo) as

Price Target $35.00 the key inflection point to unlock initial 2L ccRCC opportunity, with readout potentially as early

↑ as 2028E, while expansion into 1L (TKI-free/TKI combo) and 3L+ settings are underway

from (Exhibits 1-3). Beyond cas, we assign modest value to quemliclustat in 1L PDAC, and