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

CASI Pharmaceuticals Inc. (NASDAQ:CASI) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $1.80 and traded as high as $1.88. CASI Pharmaceuticals shares last traded at $1.68, with a volume of 28,741 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of CASI Pharmaceuticals in a research note on Tuesday, October 14th. HC Wainwright restated a “buy” rating and set a $4.00 target price on shares of CASI Pharmaceuticals in a research note on Wednesday, September 3rd. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $4.00.

CASI Pharmaceuticals Stock Performance

The company has a 50 day simple moving average of $2.00 and a two-hundred day simple moving average of $1.80. The firm has a market cap of $20.66 million, a PE ratio of -0.58 and a beta of 0.69.

CASI Pharmaceuticals (NASDAQ:CASI) last posted its quarterly earnings results on Friday, August 29th. The biotechnology company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.39). The firm had revenue of $4.18 million for the quarter, compared to analysts’ expectations of $6.28 million. CASI Pharmaceuticals had a negative net margin of 148.55% and a negative return on equity of 972.55%.

Institutional Trading of CASI Pharmaceuticals

An institutional investor recently raised its position in CASI Pharmaceuticals stock. Woodline Partners LP raised its position in shares of CASI Pharmaceuticals Inc. (NASDAQ:CASI) by 64.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 164,365 shares of the biotechnology company’s stock after purchasing an additional 64,675 shares during the quarter. Woodline Partners LP owned 1.34% of CASI Pharmaceuticals worth $355,000 at the end of the most recent reporting period. Institutional investors own 22.23% 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.