CASI Pharmaceuticals, Inc. (NASDAQ:CASI) Sees Significant Decline in Short Interest

CASI Pharmaceuticals, Inc. (NASDAQ:CASI) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 75,600 shares, a drop of 31.3% from the October 15th total of 110,000 shares. Based on an average daily volume of 27,200 shares, the short-interest ratio is presently 2.8 days. Approximately 1.9% of the company’s stock are sold short.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Renaissance Technologies LLC grew its position in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 10.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,800 shares of the biotechnology company’s stock after purchasing an additional 4,000 shares during the quarter. Renaissance Technologies LLC owned approximately 0.30% of CASI Pharmaceuticals worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 22.23% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on CASI Pharmaceuticals in a research report on Saturday, August 3rd. They set a “hold” rating on the stock.

CASI Pharmaceuticals Stock Performance

Shares of CASI stock traded up $0.24 on Thursday, reaching $5.79. The stock had a trading volume of 18,598 shares, compared to its average volume of 140,052. The stock has a market cap of $89.51 million, a P/E ratio of -2.73 and a beta of 0.69. The company has a debt-to-equity ratio of 2.05, a quick ratio of 2.36 and a current ratio of 3.88. CASI Pharmaceuticals has a 1 year low of $2.05 and a 1 year high of $8.48. The company has a 50 day simple moving average of $6.00 and a 200 day simple moving average of $5.28.

CASI Pharmaceuticals (NASDAQ:CASI) last released its quarterly earnings results on Friday, August 16th. The biotechnology company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.11. CASI Pharmaceuticals had a negative return on equity of 126.20% and a negative net margin of 118.81%. The business had revenue of $3.98 million during the quarter, compared to the consensus estimate of $4.43 million.

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.