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

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

NASDAQ CASI 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 company’s 50-day moving average is $3.27 and its 200 day moving average is $3.21. CASI Pharmaceuticals has a 1-year low of $2.83 and a 1-year high of $5.20. The firm has a market cap of $303.42 million, a PE ratio of -9.97 and a beta of 1.11.

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

In other news, CFO Brian D. Coleman bought 20,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average price of $2.44 per share, for a total transaction of $48,800.00. Also, CEO Wei-Wu He bought 160,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average price of $3.17 per share, with a total value of $507,200.00. Following the acquisition, the chief executive officer now owns 807,527 shares of the company’s stock, valued at $2,559,860.59. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 200,000 shares of company stock worth $620,000. Corporate insiders own 24.29% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Jane Street Group LLC purchased a new stake in shares of CASI Pharmaceuticals in the second quarter valued at about $35,000. Marshall Wace LLP purchased a new stake in shares of CASI Pharmaceuticals in the first quarter valued at about $44,000. Susquehanna International Group LLP purchased a new stake in shares of CASI Pharmaceuticals in the second quarter valued at about $81,000. Wells Fargo & Company MN raised its holdings in shares of CASI Pharmaceuticals by 13.7% in the second quarter. Wells Fargo & Company MN now owns 72,643 shares of the biotechnology company’s stock valued at $232,000 after purchasing an additional 8,765 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of CASI Pharmaceuticals by 23.4% in the second 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 last quarter. Institutional investors own 12.18% of the company’s stock.

About CASI Pharmaceuticals

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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