Zacks Investment Research Upgrades Cascadian Therapeutics Inc. (CASC) to Buy

Zacks Investment Research upgraded shares of Cascadian Therapeutics Inc. (NASDAQ:CASC) from a hold rating to a buy rating in a research note published on Tuesday. The brokerage currently has $2.00 price target on the biopharmaceutical company’s stock.

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 firms also recently weighed in on CASC. Cantor Fitzgerald reiterated a hold rating on shares of Cascadian Therapeutics in a research report on Wednesday, June 8th. Cowen and Company reiterated a buy rating on shares of Cascadian Therapeutics in a research report on Wednesday, June 15th. Finally, Jefferies Group reiterated a buy rating on shares of Cascadian Therapeutics in a research report on Wednesday, June 15th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Cascadian Therapeutics currently has an average rating of Buy and a consensus target price of $3.20.

Shares of Cascadian Therapeutics (NASDAQ:CASC) opened at 1.49 on Tuesday. The company’s 50-day moving average is $1.32 and its 200 day moving average is $1.17. Cascadian Therapeutics has a 12 month low of $0.82 and a 12 month high of $3.75. The stock’s market capitalization is $201.61 million.

Cascadian Therapeutics (NASDAQ:CASC) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by $0.14. During the same period in the prior year, the company posted ($0.11) earnings per share. Equities research analysts predict that Cascadian Therapeutics will post $5.02 earnings per share for the current year.

In other news, insider Scott Dunseth Myers acquired 45,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The stock was purchased at an average cost of $1.15 per share, for a total transaction of $51,750.00. Following the completion of the acquisition, the insider now directly owns 107,500 shares of the company’s stock, valued at approximately $123,625. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 19.40% of the stock is owned by corporate insiders.

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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