StockNews.com Initiates Coverage on CASI Pharmaceuticals (NASDAQ:CASI)

Analysts at StockNews.com initiated coverage on shares of CASI Pharmaceuticals (NASDAQ:CASI) in a note issued to investors on Saturday. The firm set a “hold” rating on the biotechnology company’s stock.

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

CASI Pharmaceuticals Stock Performance

CASI stock opened at $2.00 on Friday. The company has a 50-day simple moving average of $2.27 and a 200 day simple moving average of $3.52. The company has a market capitalization of $24.60 million, a P/E ratio of -0.90 and a beta of 0.66. The company has a quick ratio of 2.32, a current ratio of 3.20 and a debt-to-equity ratio of 1.38. CASI Pharmaceuticals has a fifty-two week low of $1.88 and a fifty-two week high of $7.67.

CASI Pharmaceuticals (NASDAQ:CASI) last issued its quarterly earnings results on Monday, March 31st. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $13.36 million during the quarter, compared to analyst estimates of $7.39 million.

Institutional Investors Weigh In On CASI Pharmaceuticals

An institutional investor recently raised its position in CASI Pharmaceuticals stock. Woodline Partners LP boosted its holdings in shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 226.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 99,690 shares of the biotechnology company’s stock after purchasing an additional 69,158 shares during the period. Woodline Partners LP owned approximately 0.64% of CASI Pharmaceuticals worth $282,000 at the end of the most recent quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

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.