CASI Pharmaceuticals (NASDAQ:CASI) Coverage Initiated by Analysts at StockNews.com

Investment analysts at StockNews.com assumed coverage on shares of CASI Pharmaceuticals (NASDAQ:CASI) in a report released on Monday. The brokerage set a “hold” rating on the biotechnology company’s stock.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $10.00 price objective on shares of CASI Pharmaceuticals in a research report on Monday, August 14th.

CASI Pharmaceuticals Stock Performance

Shares of NASDAQ CASI opened at $2.11 on Monday. CASI Pharmaceuticals has a 52-week low of $1.45 and a 52-week high of $4.33. The company’s 50 day moving average price is $2.39 and its 200-day moving average price is $2.45. The company has a market capitalization of $28.11 million and a P/E ratio of -0.69.

CASI Pharmaceuticals (NASDAQ:CASI) last issued its quarterly earnings results on Friday, August 11th. The biotechnology company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.27). CASI Pharmaceuticals had a negative net margin of 93.92% and a negative return on equity of 92.06%. The firm had revenue of $9.82 million for the quarter, compared to the consensus estimate of $10.09 million. Analysts forecast that CASI Pharmaceuticals will post -2.23 earnings per share for the current year.

Institutional Investors Weigh In On CASI Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the company. Wellington Shields Capital Management LLC bought a new position in shares of CASI Pharmaceuticals in the 1st quarter worth $418,000. Wellington Shields & Co. LLC acquired a new position in shares of CASI Pharmaceuticals during the first quarter valued at about $323,000. Virtu Financial LLC increased its position in shares of CASI Pharmaceuticals by 39.6% during the first quarter. Virtu Financial LLC now owns 112,777 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 31,971 shares in the last quarter. Citigroup Inc. acquired a new stake in shares of CASI Pharmaceuticals in the 1st quarter worth about $59,000. Finally, Susquehanna International Group LLP lifted its position in CASI Pharmaceuticals by 70.6% in the 4th quarter. Susquehanna International Group LLP now owns 57,395 shares of the biotechnology company’s stock valued at $100,000 after acquiring an additional 23,758 shares in the last quarter. Institutional investors and hedge funds own 14.62% of the company’s stock.

CASI Pharmaceuticals Company Profile

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.