CASI Pharmaceuticals (NASDAQ:CASI) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of CASI Pharmaceuticals (NASDAQ:CASI) from a hold rating to a buy rating in a research report sent to investors on Friday morning, BidAskClub reports.

Separately, HC Wainwright reissued a buy rating and issued a $7.00 price objective on shares of CASI Pharmaceuticals in a research note on Thursday, May 16th.

Shares of NASDAQ:CASI opened at $3.43 on Friday. CASI Pharmaceuticals has a 52-week low of $2.73 and a 52-week high of $6.23. The stock has a market cap of $328.31 million, a P/E ratio of -10.72 and a beta of 1.11. The business’s 50 day moving average is $3.21 and its 200 day moving average is $3.19.

CASI Pharmaceuticals (NASDAQ:CASI) last announced its quarterly earnings data on Friday, August 9th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). As a group, sell-side analysts anticipate that CASI Pharmaceuticals will post -0.34 EPS for the current fiscal year.

In other news, CEO Wei-Wu He acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were bought at an average price of $3.20 per share, with a total value of $64,000.00. Following the completion of the purchase, the chief executive officer now directly owns 827,527 shares in the company, valued at $2,648,086.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders purchased 200,000 shares of company stock worth $620,000. 24.29% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CASI. BNP Paribas Arbitrage SA bought a new stake in CASI Pharmaceuticals during the 1st quarter valued at $30,000. Jane Street Group LLC bought a new stake in CASI Pharmaceuticals during the 2nd quarter valued at $35,000. Marshall Wace LLP bought a new stake in CASI Pharmaceuticals during the 1st quarter valued at $44,000. Susquehanna International Group LLP bought a new stake in CASI Pharmaceuticals during the 2nd quarter valued at $81,000. Finally, Bank of America Corp DE boosted its position in CASI Pharmaceuticals by 132.9% during the 4th quarter. Bank of America Corp DE now owns 28,954 shares of the biotechnology company’s stock valued at $117,000 after acquiring an additional 16,521 shares in the last quarter. 12.17% of the stock is currently owned by institutional investors and hedge funds.

CASI Pharmaceuticals Company Profile

CASI Pharmaceuticals, Inc, a pharmaceutical company, develops pharmaceutical products and various therapeutics in China, the United States, and internationally. The company's product pipeline includes EVOMELA, a melphalan hydrochloride for injection primarily for use as a high-dose conditioning treatment prior to hematopoietic progenitor cell transplantation in patients with multiple myeloma.

Read More: Understanding the Price to Earnings Ratio (PE)

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