Cascadian Therapeutics Inc (USA) (NASDAQ:CASC) announced that its board of directors has approved a plan for a reverse split of the Company’s common stock to increase its share price and reduce the number of authorized and outstanding shares.
“The board and management have worked diligently on several facets of the Company this year to position it for the future, including bringing in new management, and solidifying our product development and regulatory strategies. With this action, we are helping ensure that the necessary financial structure is in place to execute our plans,” said Scott Myers, President and CEO of Cascadian Therapeutics. “We believe this proposed change will make our stock accessible to a wider range of institutional investors, benefiting all stockholders.”
Cascadian is advancing tucatinib (ONT-380), its lead product candidate in Phase 2 development for HER2+ metastatic breast cancer patients, with and without brain metastases. The Company plans to report updated clinical data from its Phase 1b tucatinib combination study with capecitabine and trastuzumab at the San Antonio Breast Cancer Symposium in December. It also expects to provide an update during the fourth quarter on its regulatory strategy for tucatinib. (Original Source)
Shares of Cascadian Therapeutic are down nearly 6% in pre-market trading. CASC has a 1-year high of $1.83 and a 1-year low of $0.82. The stock’s 50-day moving average is $1.26 and its 200-day moving average is $1.16.
On the ratings front, Cascadian has been the subject of a number of recent research reports. In a report issued on August 8, Cowen analyst Boris Peaker reiterated a Buy rating on CASC. Separately, on June 15, Cantor’s Mara Goldstein reiterated a Hold rating on the stock and has a price target of $2.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Boris Peaker and Mara Goldstein have a total average return of 17.2% and 2.1% respectively. Peaker has a success rate of 50% and is ranked #140 out of 4197 analysts, while Goldstein has a success rate of 42% and is ranked #1325.
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.