CASI Pharmaceuticals (NASDAQ:CASI) Shares Pass Above 200 Day Moving Average – Should You Sell?

CASI Pharmaceuticals Inc. (NASDAQ:CASI) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.90 and traded as high as $2.56. CASI Pharmaceuticals shares last traded at $2.43, with a volume of 110,230 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CASI. Wall Street Zen began coverage on CASI Pharmaceuticals in a research note on Thursday, May 22nd. They set a “hold” rating on the stock. HC Wainwright reiterated a “buy” rating and set a $4.00 target price on shares of CASI Pharmaceuticals in a research note on Monday, May 19th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $4.00.

CASI Pharmaceuticals Trading Up 3.0%

The firm has a market cap of $29.89 million, a PE ratio of -0.95 and a beta of 0.63. The stock has a fifty day simple moving average of $1.57 and a two-hundred day simple moving average of $1.90.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Woodline Partners LP lifted its holdings in shares of CASI Pharmaceuticals Inc. (NASDAQ:CASI) by 226.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,690 shares of the biotechnology company’s stock after purchasing 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. 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.