Cascadian Therapeutics Inc (USA) (NASDAQ:CASC), a clinical-stage biopharmaceutical company, announced that the United States Adopted Names (USAN) Council and the International Nonproprietary Names (INN) Expert Group have approved the nonproprietary name “tucatinib” for ONT-380, the Company’s lead product candidate for the treatment of advanced, metastatic HER2+ breast cancer.
“We’re pleased to adopt the new nonproprietary name tucatinib for our lead product candidate, ONT-380,” said Scott Myers, President and CEO of Cascadian Therapeutics. “Tucatinib has shown promising systemic activity, encouraging activity against brain metastases, and a favorable safety profile in patients with advanced HER2+ breast cancer. We continue to enroll our Phase 2 combination trial, HER2CLIMB, and plan to report new data from our ongoing Phase 1b ‘Triplet’ study of tucatinib in combination with capecitabine and trastuzumab later this year.”
The USAN Council and the World Health Organization’s INN Expert Group select simple, informative and unique nonproprietary names for drugs based on pharmacological and/or chemical relationships to allow for clear identification and communication among health professionals. (Original Source)
Shares of Cascadian are up nearly 3% to $1.18 in after-hours trading. CASC has a 1-year high of $1.31 and a 1-year low of $0.82. The stock’s 50-day moving average is $1.13 and its 200-day moving average is $1.12.
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 Fitzgerald’s Mara Goldstein reiterated a Hold rating on the stock and has a price target of $2.
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 11.3% and -0.6% respectively. Peaker has a success rate of 49.7% and is ranked #262 out of 4129 analysts, while Goldstein has a success rate of 44.2% and is ranked #3066.
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.