CASI Pharmaceuticals Inc. (NASDAQ:CASI) Short Interest Up 964.9% in August

CASI Pharmaceuticals Inc. (NASDAQ:CASI) saw a large increase in short interest in the month of August. As of August 15th, there was short interest totaling 303,500 shares, anincreaseof964.9% from the July 31st total of 28,500 shares. Currently,8.2% of the company’s shares are short sold. Based on an average daily volume of 1,270,000 shares, the days-to-cover ratio is presently 0.2 days. Based on an average daily volume of 1,270,000 shares, the days-to-cover ratio is presently 0.2 days. Currently,8.2% of the company’s shares are short sold.

CASI Pharmaceuticals Stock Performance

Shares of NASDAQ:CASI opened at $2.33 on Thursday. The business’s 50-day simple moving average is $1.70 and its 200 day simple moving average is $1.90. The company has a market cap of $28.66 million, a P/E ratio of -0.81 and a beta of 0.77. CASI Pharmaceuticals has a one year low of $1.09 and a one year high of $7.67.

CASI Pharmaceuticals (NASDAQ:CASI) last issued its quarterly earnings data on Friday, August 29th. The biotechnology company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.39). The firm had revenue of $4.18 million during the quarter, compared to analyst estimates of $6.28 million. CASI Pharmaceuticals had a negative net margin of 148.55% and a negative return on equity of 1,844.13%.

Institutional Investors Weigh In On CASI Pharmaceuticals

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Woodline Partners LP boosted its position in CASI Pharmaceuticals Inc. (NASDAQ:CASI) by 226.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,690 shares of the biotechnology company’s stock after buying an additional 69,158 shares during the quarter. Woodline Partners LP owned 0.64% of CASI Pharmaceuticals worth $282,000 at the end of the most recent quarter. Institutional investors own 22.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CASI. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of CASI Pharmaceuticals in a report on Wednesday. Wall Street Zen began coverage on shares of CASI Pharmaceuticals in a research note on Thursday, May 22nd. They set a “hold” rating for the company. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $4.00.

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.