Short Interest in Cascadian Therapeutics Inc (CASC) Declines By 29.3%
Cascadian Therapeutics Inc (NASDAQ:CASC) was the recipient of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 665,213 shares, a drop of 29.3% from the February 15th total of 941,371 shares. Based on an average trading volume of 656,707 shares, the short-interest ratio is currently 1.0 days.
A number of institutional investors have recently modified their holdings of CASC. Teachers Advisors LLC purchased a new position in Cascadian Therapeutics in the 2nd quarter valued at about $252,000. TIAA CREF Investment Management LLC purchased a new position in Cascadian Therapeutics in the 2nd quarter valued at about $347,000. New York State Common Retirement Fund purchased a new position in Cascadian Therapeutics in the 2nd quarter valued at about $136,000. Northern Trust Corp lifted its stake in Cascadian Therapeutics by 415.5% in the 2nd quarter. Northern Trust Corp now owns 382,469 shares of the biopharmaceutical company’s stock valued at $1,420,000 after buying an additional 308,270 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Cascadian Therapeutics by 24.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,767,681 shares of the biopharmaceutical company’s stock valued at $6,567,000 after buying an additional 343,838 shares in the last quarter. 81.38% of the stock is currently owned by hedge funds and other institutional investors.
CASC has been the topic of a number of analyst reports. BidaskClub cut Cascadian Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, March 7th. Cantor Fitzgerald set a $10.00 target price on Cascadian Therapeutics and gave the company a “hold” rating in a research report on Friday, March 9th. Raymond James Financial cut Cascadian Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 31st. ValuEngine upgraded Cascadian Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 31st. Finally, Zacks Investment Research cut Cascadian Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday, January 9th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Cascadian Therapeutics has an average rating of “Hold” and a consensus price target 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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