Cascadian Therapeutics, Inc. (CASC) Short Interest Down 30.2% in July
Cascadian Therapeutics, Inc. (NASDAQ:CASC) was the recipient of a significant drop in short interest during the month of July. As of July 14th, there was short interest totalling 2,262,197 shares, a drop of 30.2% from the June 30th total of 3,240,363 shares. Currently, 5.8% of the shares of the company are short sold. Based on an average daily trading volume, of 244,189 shares, the days-to-cover ratio is currently 9.3 days.
Hedge funds have recently modified their holdings of the company. BlueCrest Capital Management Ltd acquired a new stake in shares of Cascadian Therapeutics during the first quarter worth $122,000. Citadel Advisors LLC acquired a new stake in shares of Cascadian Therapeutics during the first quarter worth $142,000. Bank of America Corp DE boosted its stake 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 during the last quarter. Perkins Capital Management Inc. boosted its stake in shares of Cascadian Therapeutics by 8.3% in the second quarter. Perkins Capital Management Inc. now owns 52,129 shares of the biopharmaceutical company’s stock worth $194,000 after buying an additional 4,000 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of Cascadian Therapeutics during the first quarter worth $238,000. Hedge funds and other institutional investors own 82.71% of the company’s stock.
CASC has been the topic of a number of research reports. Zacks Investment Research raised Cascadian Therapeutics from a “hold” rating to a “buy” rating and set a $4.50 price target on the stock in a report on Monday, July 17th. Cowen and Company reaffirmed a “buy” rating on shares of Cascadian Therapeutics in a report on Tuesday, May 9th. BTIG Research assumed coverage on Cascadian Therapeutics in a report on Friday, April 21st. They issued a “buy” rating on the stock. Cantor Fitzgerald reaffirmed a “hold” rating and issued a $4.00 price objective on shares of Cascadian Therapeutics in a report on Wednesday, May 10th. Finally, ValuEngine lowered Cascadian Therapeutics from a “sell” rating to a “strong sell” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $6.17.
Shares of Cascadian Therapeutics (CASC) opened at 3.97 on Friday. Cascadian Therapeutics has a one year low of $3.18 and a one year high of $10.98. The firm has a 50-day moving average price of $3.79 and a 200-day moving average price of $4.04. The stock’s market cap is $195.46 million.
Cascadian Therapeutics (NASDAQ:CASC) last issued its earnings results on Tuesday, May 9th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.39) by $0.09. Analysts anticipate that Cascadian Therapeutics will post $5.02 earnings per share for the current fiscal year.
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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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