Arcus Biosciences Drops 20% After Kidney Cancer Data Presentation and New Stock Offering

Arcus Biosciences fell roughly 20% on Wednesday after the company launched a new common stock offering the day after hosting an investor event in New York City on October 20 that presented expanded data for its HIF-2a inhibitor casdatifan across first-, second-, and late-line clear cell renal cell carcinoma. The last reported sale price before the offering was filed was $23.75 per share on October 20, and the prospectus supplement was dated October 21, 2026. The simultaneous release of clinical data and equity dilution triggered sharp selling pressure in after-hours trading.

Elsewhere in health care, the iShares U.S. Medical Devices ETF crossed below its 200-day moving average of $53.90, touching as low as $52.96 and finishing the session down about 1.9%, a technically notable break for the sector benchmark. Hims announced the launch of injectable and oral testosterone replacement therapy, targeting a market the company estimates at nearly 20 million American men with low testosterone. Ionis Pharmaceuticals was upgraded at BMO Capital Markets on the back of growing adoption of Tryngolza for severe hypertriglyceridemia.

On the regulatory front, Unicycive announced FDA acceptance of its oxylanthanum carbonate NDA resubmission, with a PDUFA target date of March 25, while Cardiff Oncology received orphan drug designation for onvansertib in CMML. REGENXBIO said it expects a pivotal data readout in the fourth quarter for its one-time gene therapy targeting wet age-related macular degeneration. On the insider-selling side, United Therapeutics CEO Martine Rothblatt sold $5.26 million in stock and Castle Biosciences CEO Derek Maetzold sold $462,567 in shares.