Cascadian Therapeutics Inc (USA) (NASDAQ:CASC) announced that it intends to offer and sell shares of its common stock in an underwritten public offering. As part of the offering, Cascadian Therapeutics also expects to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. The offering is being conducted by means of a prospectus supplement. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or term of the offering.
Additionally, concurrently with the common stock offering, Cascadian Therapeutics intends to sell shares of Series D convertible preferred stock having an aggregate value of up to $13.8 million directly to affiliates of BVF Partners L.P., which are existing stockholders and affiliates of a member of the board of directors of Cascadian Therapeutics.
Cowen and Company, LLC is acting as the sole book-running manager, and Trout Capital LLC is acting as a co-manager in the offering of common stock. Cowen and Company, LLC and Trout Capital LLC will also act as placement agents in connection with the sale of Series D convertible preferred stock. (Original Source)
Shares of Cascadian are down 7% to $0.80 in after-hours trading. CASC has a 1-year high of $1.25 and a 1-year low of $0.83. The stock’s 50-day moving average is $1.11 and its 200-day moving average is $1.38.
On the ratings front, CASC has been the subject of a number of recent research reports. In a report issued on June 15, Cantor Fitzgerald analyst Mara Goldstein reiterated a Hold rating on CASC, with a price target of $2, which implies an upside of 135% from current levels. Separately, on June 14, Cowen’s Boris Peaker reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mara Goldstein and Boris Peaker have a total average return of -12.8% and 8.5% respectively. Goldstein has a success rate of 32.9% and is ranked #3850 out of 3984 analysts, while Peaker has a success rate of 42.9% and is ranked #377.
Cascadian Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of therapeutic products for the treatment of cancer. Its current clinical-stage product candidates include ONT-380, an orally active and selective small-molecule HER2 inhibitor, and ONT-10, a therapeutic vaccine targeting the Mucin 1 peptide antigen.