Arcus Biosciences Inc.

RCUS

Held by 2 specialist biotech funds

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Fund Holdings

Baker Bros. Advisors Rock Springs Capital

AI Signal

## Baker Bros.

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Catalysts

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Position Details

Baker Bros. AdvisorsNEWFeb 17, 2026

Shares: 270,000Value: $6.4M

## Baker Bros. Initiates New Position in Arcus Biosciences (RCUS) **Something looks off with the reported position size.** A 270,000-share stake at RCUS's recent trading range (~$15-20/share) would be worth approximately $4-5 million — not $6.4 billion as stated — making this a relatively modest initial position for Baker Bros., likely a toe-hold entry rather than a high-conviction bet. That said, Baker initiating any new position in RCUS is notable given their track record in oncology; Arcus's lead program is domvanalimab (anti-TIGIT) in combination with zimberelimab (anti-PD-1) in first-line lung cancer (LUNAR-2 Phase 3), with data readouts expected in 2025-2026, and the Gilead partnership (which holds

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Insider Signals

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Also Held by These Funds

ALKS2 funds ARGX2 funds CLDX2 funds NGNE2 funds CNTA2 funds DYN2 funds ELVN2 funds INSM

Research Links

Yahoo Finance →SEC EDGAR →ClinicalTrials.gov →

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# Signal Note: Rock Springs Capital Initiates RCUS Position Rock Springs' $4.3M entry into Arcus suggests conviction in the company's immuno-oncology pipeline, likely driven by upcoming catalysts around ezetimibe combination studies or clinical readouts in checkpoint inhibitor-resistant tumors. The healthcare specialist's initiation at scale indicates fundamental improvement in risk/reward, potentially tied to partnering prospects or Phase 2 data expected in next 12-18 months. Monitor for pipeline updates and competitive positioning against larger IO players.