Leerink Partners has cut the price target for Arcus Biosciences (NYSE:RCUS) to $47 from $49, maintaining an Outperform rating after the termination of its research collaboration with Gilead Sciences. Despite this setback, Arcus has achieved a remarkable 208% stock return over the past year, though analysts suggest the stock is slightly overvalued. The collaboration termination affects Arcus' key drug, casdatifan, a HIF-2α inhibitor, which had been under Gilead's purview but fell outside its current oncology focus. In recent earnings, Arcus reported a fourth-quarter loss of -$0.89 per share, surpassing expectations but missing revenue projections of $35.71 million with actual revenues of $33 million. Additionally, the company has halted its Phase 3 STAR-121 trial for metastatic non-small cell lung cancer based on an Independent Data Monitoring Committee's recommendation. Gilead's option rights to Arcus' earlier pipeline assets will expire on July 14, 2026, as no continuation payment was made. Amid these transitions, Jennifer Jarrett, the COO, will resign on March 30 but will continue to provide advisory services until June 30.