Shares of Arcus Biosciences Inc. (RCUS) plunged 8.04% in pre-market trading on Wednesday, following a significant price target cut by Wells Fargo analysts. The sharp decline comes as investors react to the lowered expectations for the biopharmaceutical company's stock performance.

Wells Fargo reduced its target price for Arcus Biosciences from $29 to $26, representing a 10.3% decrease in their valuation. This adjustment, announced before the market opened, appears to have triggered a sell-off among investors, leading to the substantial drop in share price. The revised target suggests that Wells Fargo analysts may have concerns about Arcus Biosciences' near-term growth prospects or valuation.

Arcus Biosciences, known for its focus on developing immunotherapy-based treatments for cancer, may face increased scrutiny from investors following this target price reduction. While the specific reasons behind Wells Fargo's decision were not detailed in the available news, such adjustments often reflect changes in a company's financial outlook, competitive landscape, or broader market conditions. Shareholders and potential investors will likely be watching closely for any further updates or guidance from the company to better understand the implications of this price target cut on Arcus Biosciences' future performance.