BofA lowered the firm’s price target on Arcus Biosciences (RCUS) to $17 from $22 and keeps a Neutral rating on the shares following Gilead’s

Arcus Biosciences shares were down 14%, to $11.33, after the company priced a $150 million stock offering. Shares of the biopharmaceutical company hit their 52-week low of $10.65 earlier in the session, and are down 33% in the past 12 months.

Arcus Biosciences (RCUS) announced the pricing of an underwritten offering of 13,636,364 shares of its common stock at an offering price of

Arcus Biosciences (NYSE:RCUS) shares dipped 4% after the company priced a stock offering to raise approximately $150 million. The offering consists of 13,636,364 shares of common stock issued at $11.00 per share Arcus intends to use the net proceeds from the offering to fund ongoing research and development activities,