CASI Pharmaceuticals (NASDAQ:CASI) Earns Hold Rating from Analysts at StockNews.com

StockNews.com started coverage on shares of CASI Pharmaceuticals (NASDAQ:CASI) in a research report issued on Wednesday. The brokerage set a “hold” rating on the biotechnology company’s stock.

Separately, HC Wainwright dropped their target price on CASI Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th.

CASI Pharmaceuticals Trading Down 1.6%

Shares of NASDAQ:CASI opened at $1.86 on Wednesday. CASI Pharmaceuticals has a 12-month low of $1.64 and a 12-month high of $7.67. The business’s fifty day simple moving average is $2.06 and its 200-day simple moving average is $2.95. The company has a market capitalization of $22.88 million, a PE ratio of -0.83 and a beta of 0.81. The company has a current ratio of 3.20, a quick ratio of 2.32 and a debt-to-equity ratio of 1.38.

CASI Pharmaceuticals (NASDAQ:CASI) last announced its earnings results on Monday, March 31st. The biotechnology company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.19). CASI Pharmaceuticals had a negative return on equity of 181.52% and a negative net margin of 143.18%. The business had revenue of $13.36 million for the quarter, compared to analysts’ expectations of $7.39 million.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in CASI Pharmaceuticals stock. Foresite Capital Management VI LLC purchased a new position in shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,329,383 shares of the biotechnology company’s stock, valued at approximately $3,762,000. CASI Pharmaceuticals accounts for about 1.7% of Foresite Capital Management VI LLC’s portfolio, making the stock its 13th biggest holding. Foresite Capital Management VI LLC owned about 8.58% of CASI Pharmaceuticals at the end of the most recent reporting period. Institutional investors own 22.23% of the company’s stock.

About CASI Pharmaceuticals

CASI Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics and pharmaceutical products in the People's Republic of China, the United States, and internationally. It offers EVOMELA, an intravenous formulation of melphalan for use as a conditioning treatment prior to stem cell transplantation, and as a palliative treatment for patients with multiple myeloma.