Cascadian Therapeutics, Inc. (NASDAQ:CASC) was the target of a significant decline in short interest during the month of July. As of July 14th, there was short interest totalling 2,262,197 shares, a decline of 30.2% from the June 30th total of 3,240,363 shares. Based on an average daily trading volume, of 244,189 shares, the short-interest ratio is presently 9.3 days. Currently, 5.8% of the company’s shares are sold short.
Several hedge funds have recently added to or reduced their stakes in the stock. State of Wisconsin Investment Board bought a new stake in Cascadian Therapeutics during the second quarter valued at $104,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Cascadian Therapeutics during the first quarter worth approximately $122,000. New York State Common Retirement Fund acquired a new stake in shares of Cascadian Therapeutics during the second quarter worth approximately $136,000. Citadel Advisors LLC acquired a new stake in shares of Cascadian Therapeutics during the first quarter worth approximately $142,000. Finally, Rhumbline Advisers acquired a new stake in shares of Cascadian Therapeutics during the second quarter worth approximately $143,000. Institutional investors own 83.86% of the company’s stock.
Cascadian Therapeutics (CASC) traded down 2.71% on Wednesday, hitting $3.59. 163,247 shares of the stock traded hands. The stock has a 50-day moving average price of $3.92 and a 200 day moving average price of $4.02. Cascadian Therapeutics has a 1-year low of $3.18 and a 1-year high of $10.98. The company’s market cap is $181.49 million.
Cascadian Therapeutics (NASDAQ:CASC) last released its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.06. During the same quarter in the prior year, the business posted ($1.57) earnings per share. On average, analysts anticipate that Cascadian Therapeutics will post $5.02 EPS for the current fiscal year.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Cascadian Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, August 11th. Cowen and Company reissued a “buy” rating on shares of Cascadian Therapeutics in a research note on Wednesday, August 9th. ValuEngine downgraded shares of Cascadian Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Friday, June 2nd. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $4.00 target price on shares of Cascadian Therapeutics in a research note on Wednesday, May 10th. Finally, BTIG Research assumed coverage on shares of Cascadian Therapeutics in a research note on Friday, April 21st. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Cascadian Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $6.17.
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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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