Stock Alert: Arcus Biosciences Hits New 52-week High On Stake Purchase Talks

(RTTNews) - Shares of Arcus Biosciences Inc. (RCUS) are surging almost $14 or 89 percent in Thursday's trading at $29.43, after touching a new 52-week high of $31.00 earlier in the day.

Citing people familiar with the matter, Bloomberg had reported Wednesday that Gilead Sciences Inc. (GILD) is looking for buying a stake in the Hayward, California-based cancer therapeutics company that has Alphabet Inc. as its largest shareholder. According to the report, Gilead and Arcus have held talks about Gilead buying a significant stake in the company and also possible development partnerships.

Arcus Biosciences' drug candidates include AB928, which is under phase Ib and phase II trials in multiple tumor types; AB154, under a phase II study in non-small cell lung cancer; and AB680 in a phase I trial in pancreatic ductal adenocarcinoma or PDAC, among others.

The stock has traded in a range of $6.30 to $31.00 in the past 52 weeks.