Cascadian Therapeutics (CASC) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Cascadian Therapeutics (NASDAQ:CASC) from a buy rating to a hold rating in a research note released on Tuesday, November 14th.

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 brokerages have also weighed in on CASC. Barclays started coverage on shares of Cascadian Therapeutics in a research report on Wednesday, September 6th. They issued an underweight rating and a $4.00 target price on the stock. Cowen 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 target price on shares of Cascadian Therapeutics in a research report on Thursday, August 31st. Finally, ValuEngine lowered shares of Cascadian Therapeutics from a sell rating to a strong sell rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Cascadian Therapeutics has a consensus rating of Hold and an average price target of $5.63.

Cascadian Therapeutics (NASDAQ CASC) traded down $0.17 during midday trading on Tuesday, hitting $4.09. 367,725 shares of the company traded hands, compared to its average volume of 280,054. Cascadian Therapeutics has a twelve month low of $3.18 and a twelve month high of $6.72.

Cascadian Therapeutics (NASDAQ:CASC) last posted its quarterly earnings results on Wednesday, November 8th. The biopharmaceutical company reported ($0.28) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.01. During the same quarter last year, the business posted ($0.09) EPS. analysts forecast that Cascadian Therapeutics will post -1.27 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Wisconsin Investment Board bought a new position in Cascadian Therapeutics during the second quarter worth $104,000. New York State Common Retirement Fund bought a new stake in Cascadian Therapeutics in the second quarter valued at $136,000. BB&T Securities LLC bought a new stake in Cascadian Therapeutics in the second quarter valued at $143,000. Rhumbline Advisers bought a new stake in Cascadian Therapeutics in the second quarter valued at $143,000. Finally, Bank of America Corp DE increased its stake in Cascadian Therapeutics by 2,316.5% in the first quarter. Bank of America Corp DE now owns 37,528 shares of the biopharmaceutical company’s stock valued at $155,000 after purchasing an additional 35,975 shares in the last quarter. 80.35% of the stock is owned by institutional investors and hedge funds.

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Cascadian Therapeutics Company Profile

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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