Cascadian Therapeutics, Inc. (NASDAQ:CASC) Short Interest Down 30.2% in July

Cascadian Therapeutics, Inc. (NASDAQ:CASC) was the target of a large decrease in short interest in July. As of July 14th, there was short interest totalling 2,262,197 shares, a decrease of 30.2% from the June 30th total of 3,240,363 shares. Currently, 5.8% of the company’s shares are short sold. Based on an average trading volume of 244,189 shares, the days-to-cover ratio is currently 9.3 days.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlueCrest Capital Management Ltd purchased a new position in shares of Cascadian Therapeutics during the first quarter worth about $122,000. Citadel Advisors LLC purchased a new position in shares of Cascadian Therapeutics during the first quarter worth about $142,000. Bank of America Corp DE boosted its position in shares of 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 worth $155,000 after buying an additional 35,975 shares in the last quarter. Perkins Capital Management Inc. boosted its position in shares of Cascadian Therapeutics by 6.4% in the first quarter. Perkins Capital Management Inc. now owns 48,129 shares of the biopharmaceutical company’s stock worth $199,000 after buying an additional 2,887 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in shares of Cascadian Therapeutics during the first quarter worth about $238,000. Hedge funds and other institutional investors own 82.71% of the company’s stock.

CASC has been the subject of several research analyst reports. ValuEngine downgraded shares of Cascadian Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of Cascadian Therapeutics from a “hold” rating to a “buy” rating and set a $4.50 price target for the company in a research report on Monday, July 17th. Cantor Fitzgerald restated a “hold” rating and issued a $4.00 price target on shares of Cascadian Therapeutics in a research report on Wednesday, May 10th. Cowen and Company restated a “buy” rating on shares of Cascadian Therapeutics in a research report on Tuesday, May 9th. Finally, BTIG Research initiated coverage on shares of Cascadian Therapeutics in a research report on Friday, April 21st. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $6.17.

Shares of Cascadian Therapeutics (NASDAQ:CASC) opened at 3.97 on Friday. The stock’s market cap is $195.46 million. The company has a 50 day moving average of $3.79 and a 200 day moving average of $4.04. Cascadian Therapeutics has a 12 month low of $3.18 and a 12 month high of $10.98.

Cascadian Therapeutics (NASDAQ:CASC) last issued its quarterly earnings data on Tuesday, May 9th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.39) by $0.09. Equities research analysts expect that Cascadian Therapeutics will post $5.02 earnings per share for the current fiscal year.

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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.