CASI Pharmaceuticals (NASDAQ:CASI) Share Price Crosses Above 200-Day Moving Average of $4.48

Shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.48 and traded as high as $6.50. CASI Pharmaceuticals shares last traded at $6.50, with a volume of 33,111 shares.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. HC Wainwright cut their price objective on CASI Pharmaceuticals from $12.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. StockNews.com started coverage on CASI Pharmaceuticals in a research note on Saturday, August 3rd. They issued a “hold” rating on the stock.

CASI Pharmaceuticals Price Performance

The firm has a market cap of $87.11 million, a P/E ratio of -2.85 and a beta of 0.69. The company has a debt-to-equity ratio of 2.05, a current ratio of 3.88 and a quick ratio of 2.36. The firm’s 50 day moving average is $6.30 and its 200 day moving average is $4.48.

Institutional Investors Weigh In On CASI Pharmaceuticals

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Renaissance Technologies LLC grew its position in shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 10.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,800 shares of the biotechnology company’s stock after buying an additional 4,000 shares during the quarter. Renaissance Technologies LLC owned 0.30% of CASI Pharmaceuticals worth $224,000 as of its most recent filing with the Securities & Exchange Commission. 22.23% of the stock is currently owned by institutional investors.

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.