Zacks Investment Research downgraded shares of Cascadian Therapeutics, Inc. (NASDAQ:CASC) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “Cascadian Therapeutics, Inc. is a biopharmaceutical company specializing in developing innovative therapeutic product candidates for the treatment of cancer. The company’s product candidate is ONT-380, an orally active and selective small molecule HER2 inhibitor which is in preclinical trial stage. Cascadian Therapeutics, Inc., formerly known as Oncothyreon Inc., is headquartered in Seattle, Washington. “
A number of other analysts also recently issued reports on CASC. Cowen and Company restated a buy rating on shares of Cascadian Therapeutics in a research report on Wednesday, August 9th. Cantor Fitzgerald restated a hold rating and issued a $4.00 price target on shares of Cascadian Therapeutics in a research report on Thursday, August 31st. ValuEngine downgraded Cascadian Therapeutics from a sell rating to a strong sell rating in a research report on Friday, September 1st. Finally, Barclays PLC initiated coverage on Cascadian Therapeutics in a research report on Wednesday, September 6th. They issued an underweight rating and a $4.00 price target for the company. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $5.63.
Shares of Cascadian Therapeutics (NASDAQ CASC) opened at 4.35 on Wednesday. The company’s market capitalization is $219.91 million. Cascadian Therapeutics has a 12-month low of $3.18 and a 12-month high of $8.04. The company’s 50-day moving average is $3.94 and its 200-day moving average is $3.94.
Cascadian Therapeutics (NASDAQ:CASC) last issued its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. During the same period in the prior year, the company earned ($1.57) earnings per share. Analysts predict that Cascadian Therapeutics will post $5.02 EPS for the current year.
Several large investors have recently added to or reduced their stakes in the company. Perkins Capital Management Inc. lifted its position in shares of Cascadian Therapeutics by 8.3% during the second quarter. Perkins Capital Management Inc. now owns 52,129 shares of the biopharmaceutical company’s stock worth $194,000 after purchasing an additional 4,000 shares during the last quarter. OxFORD Asset Management LLP lifted its position in shares of Cascadian Therapeutics by 11.8% during the second quarter. OxFORD Asset Management LLP now owns 181,323 shares of the biopharmaceutical company’s stock worth $674,000 after purchasing an additional 19,131 shares during the last quarter. GRT Capital Partners L.L.C. lifted its position in shares of Cascadian Therapeutics by 50.5% during the second quarter. GRT Capital Partners L.L.C. now owns 58,109 shares of the biopharmaceutical company’s stock worth $216,000 after purchasing an additional 19,500 shares during the last quarter. State of Wisconsin Investment Board bought a new stake in shares of Cascadian Therapeutics during the second quarter worth $104,000. Finally, BlueCrest Capital Management Ltd bought a new stake in shares of Cascadian Therapeutics during the first quarter worth $122,000. Institutional investors and hedge funds own 82.55% of the company’s stock.
About Cascadian Therapeutics
Cascadian Therapeutics, Inc, formerly Oncothyreon Inc, is a clinical-stage biopharmaceutical company. The Company focuses on the development of therapeutic products for the treatment of cancer. The Company’s clinical-stage product candidate includes ONT-380, an orally active and selective small-molecule human epidermal growth factor receptor (HER) 2 inhibitor.
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