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Arcus Biosciences Stock Tanks 27%

Shares of Arcus Biosciences, Inc. (RCUS), a clinical-stage biopharmaceutical company that focuses on cancer therapies, tanked 27% on Wednesday morning. The stock seems to be impacted by the failure of Roche's lung cancer drug trial.

Genentech, a member of the Roche Group (RHHBY), on Wednesday said that phase III SKYSCRAPER-01 study in PD-L1-High Metastatic Non-Small Cell Lung Cancer did not meet its co-primary endpoint of progression-free survival.

Roche is testing the investigational anti-TIGIT immunotherapy tiragolumab plus Tecentriq (atezolizumab) versus Tecentriq alone as an initial treatment for people with PD-L1-high locally advanced or metastatic non-small cell lung cancer.

The company noted that the other co-primary endpoint of overall survival was immature, and the study will continue until the next planned analysis.

RCUS is currently trading at $17.48, down $6.53 or 27.22%, on the NYSE.

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