CASI Pharmaceuticals (NASDAQ:CASI) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of CASI Pharmaceuticals (NASDAQ:CASIGet Rating) from a sell rating to a hold rating in a research note issued to investors on Friday morning, Zacks.com reports.

According to Zacks, “CASI Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. It is focused on the acquisition, development and commercialization of proprietary therapeutics for the treatment of cancer and other diseases for the global markets, with a focus on China. The Company’s products present antiangiogenic solutions to cancer, cardiovascular disease, and macular degeneration. CASI Pharmaceuticals Inc., formerly known as EntreMed, Inc., is headquartered in Rockville, Maryland. “

Separately, StockNews.com initiated coverage on shares of CASI Pharmaceuticals in a report on Thursday, March 31st. They issued a hold rating on the stock. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, CASI Pharmaceuticals currently has an average rating of Buy and a consensus price target of $3.33.

Shares of NASDAQ CASI opened at $0.62 on Friday. CASI Pharmaceuticals has a twelve month low of $0.56 and a twelve month high of $1.99. The stock’s 50 day moving average price is $0.80 and its 200-day moving average price is $0.88.

CASI Pharmaceuticals (NASDAQ:CASIGet Rating) last announced its earnings results on Monday, March 28th. The biotechnology company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. CASI Pharmaceuticals had a negative return on equity of 40.06% and a negative net margin of 121.50%. During the same period in the prior year, the firm posted ($0.12) EPS. On average, analysts forecast that CASI Pharmaceuticals will post -0.37 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its holdings in shares of CASI Pharmaceuticals by 19.4% in the 2nd quarter. Bank of America Corp DE now owns 70,169 shares of the biotechnology company’s stock worth $109,000 after purchasing an additional 11,405 shares during the period. Marshall Wace LLP bought a new stake in CASI Pharmaceuticals during the 1st quarter valued at $44,000. UBS Group AG raised its holdings in CASI Pharmaceuticals by 493.1% during the 3rd quarter. UBS Group AG now owns 26,715 shares of the biotechnology company’s stock valued at $32,000 after acquiring an additional 22,211 shares during the period. Citadel Advisors LLC bought a new stake in CASI Pharmaceuticals during the 3rd quarter valued at $35,000. Finally, BlackRock Inc. raised its holdings in CASI Pharmaceuticals by 2.8% during the 4th quarter. BlackRock Inc. now owns 1,198,962 shares of the biotechnology company’s stock valued at $959,000 after acquiring an additional 33,020 shares during the period. 46.29% of the stock is currently owned by institutional investors.

About CASI Pharmaceuticals (Get Rating)

CASI Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics and pharmaceutical products in 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.

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