Cascadian Therapeutics Inc (CASC) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Cascadian Therapeutics Inc (NASDAQ:CASC) from a buy rating to a hold rating in a research report report published on Friday 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. “

Several other research analysts have also commented on CASC. Cantor Fitzgerald restated a hold rating and set a $4.00 price target on shares of Cascadian Therapeutics in a research note on Wednesday, May 10th. Cowen and Company restated a buy rating on shares of Cascadian Therapeutics in a research note on Tuesday, May 9th. Jefferies Group LLC restated a buy rating and set a $10.00 price target (down previously from $15.00) on shares of Cascadian Therapeutics in a research note on Saturday, March 11th. Finally, BTIG Research began coverage on shares of Cascadian Therapeutics in a research note on Friday, April 21st. They set a buy rating on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $6.25.

Cascadian Therapeutics (NASDAQ:CASC) traded up 2.962% during trading on Friday, hitting $4.345. 2,246 shares of the company traded hands. Cascadian Therapeutics has a one year low of $3.49 and a one year high of $10.98. The firm has a 50 day moving average of $4.14 and a 200 day moving average of $4.02. The firm’s market cap is $213.93 million.

Cascadian Therapeutics (NASDAQ:CASC) last announced its quarterly earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.30) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.39) by $0.09. On average, analysts expect that Cascadian Therapeutics will post $5.02 earnings per share for the current fiscal year.

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Hedge funds have recently modified their holdings of the stock. Perceptive Advisors LLC bought a new stake in shares of Cascadian Therapeutics during the fourth quarter worth $2,355,000. Handelsbanken Fonder AB bought a new stake in shares of Cascadian Therapeutics during the fourth quarter worth $362,000. Sandia Holdings LLC bought a new stake in shares of Cascadian Therapeutics during the fourth quarter worth $2,343,000. NEA Management Company LLC increased its stake in shares of Cascadian Therapeutics by 405.9% in the first quarter. NEA Management Company LLC now owns 9,064,575 shares of the biopharmaceutical company’s stock worth $37,527,000 after buying an additional 7,272,909 shares during the period. Finally, Sphera Funds Management LTD. bought a new stake in shares of Cascadian Therapeutics during the first quarter worth $2,406,000.

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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