CASI Pharmaceuticals (NASDAQ:CASI) Downgraded to “Strong Sell” at BidaskClub

BidaskClub downgraded shares of CASI Pharmaceuticals (NASDAQ:CASI) from a sell rating to a strong sell rating in a report published on Wednesday, BidAskClub reports.

Shares of CASI stock traded up $0.02 on Wednesday, hitting $3.19. The company’s stock had a trading volume of 64,700 shares, compared to its average volume of 178,503. The stock’s 50 day moving average is $3.27 and its 200-day moving average is $3.21. The company has a market capitalization of $303.42 million, a PE ratio of -9.97 and a beta of 1.11. CASI Pharmaceuticals has a fifty-two week low of $2.83 and a fifty-two week high of $5.20.

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

In other CASI Pharmaceuticals news, CEO Wei-Wu He acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was acquired at an average price of $3.20 per share, for a total transaction of $64,000.00. Following the acquisition, 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 filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders purchased 200,000 shares of company stock valued at $620,000. 24.29% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC bought a new position in CASI Pharmaceuticals in the 2nd quarter valued at approximately $35,000. Marshall Wace LLP bought a new position in CASI Pharmaceuticals in the 1st quarter valued at approximately $44,000. Susquehanna International Group LLP bought a new position in CASI Pharmaceuticals in the 2nd quarter valued at approximately $81,000. Wells Fargo & Company MN raised its holdings in CASI Pharmaceuticals by 13.7% in the 2nd quarter. Wells Fargo & Company MN now owns 72,643 shares of the biotechnology company’s stock valued at $232,000 after buying an additional 8,765 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in CASI Pharmaceuticals by 23.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 313,252 shares of the biotechnology company’s stock valued at $1,003,000 after purchasing an additional 59,501 shares during the period. Institutional investors and hedge funds own 12.18% of the company’s stock.

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.

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