Zacks Investment Research downgraded shares of Cascadian Therapeutics (NASDAQ:CASC) from a hold rating to a sell rating in a report issued on Tuesday morning.
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. “
Separately, Cantor Fitzgerald reaffirmed a hold rating and set a $4.00 price target on shares of Cascadian Therapeutics in a research note on Monday, September 11th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Cascadian Therapeutics presently has a consensus rating of Hold and an average price target of $5.63.
Cascadian Therapeutics (NASDAQ:CASC) last released its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.01. During the same period last year, the company posted ($0.09) EPS. equities analysts expect that Cascadian Therapeutics will post -1.27 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. State of Wisconsin Investment Board acquired a new position in Cascadian Therapeutics in the 2nd quarter valued at about $104,000. New York State Common Retirement Fund acquired a new position in Cascadian Therapeutics in the 2nd quarter valued at about $136,000. Rhumbline Advisers acquired a new position in Cascadian Therapeutics in the 2nd quarter valued at about $143,000. GRT Capital Partners L.L.C. raised its stake in Cascadian Therapeutics by 50.5% in the 2nd quarter. GRT Capital Partners L.L.C. now owns 58,109 shares of the biopharmaceutical company’s stock valued at $216,000 after purchasing an additional 19,500 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. acquired a new position in Cascadian Therapeutics in the 2nd quarter valued at about $225,000. 80.33% of the stock is owned by hedge funds and other institutional investors.
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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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