Analysts Anticipate CASI Pharmaceuticals, Inc. (NASDAQ:CASI) Will Post Quarterly Sales of $7.16 Million

Brokerages predict that CASI Pharmaceuticals, Inc. (NASDAQ:CASIGet Rating) will announce $7.16 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for CASI Pharmaceuticals’ earnings, with the lowest sales estimate coming in at $6.10 million and the highest estimate coming in at $8.23 million. CASI Pharmaceuticals also posted sales of $7.16 million during the same quarter last year. The company is scheduled to report its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that CASI Pharmaceuticals will report full-year sales of $38.98 million for the current fiscal year, with estimates ranging from $38.45 million to $39.50 million. For the next financial year, analysts forecast that the company will post sales of $78.27 million, with estimates ranging from $68.14 million to $88.40 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover CASI Pharmaceuticals.

CASI Pharmaceuticals (NASDAQ:CASIGet Rating) last announced its quarterly earnings data on Thursday, May 12th. The biotechnology company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $9.06 million for the quarter, compared to the consensus estimate of $9.15 million. CASI Pharmaceuticals had a negative return on equity of 36.81% and a negative net margin of 93.65%. During the same quarter in the prior year, the company posted ($0.11) EPS.

CASI has been the topic of a number of recent research reports. Zacks Investment Research raised CASI Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, May 13th. StockNews.com initiated coverage on CASI Pharmaceuticals in a research report on Sunday, May 22nd. They set a “hold” rating on the stock. Finally, HC Wainwright dropped their price target on CASI Pharmaceuticals from $4.00 to $3.00 in a research report on Friday, May 13th.

Hedge funds have recently modified their holdings of the stock. Marshall Wace LLP boosted its position in CASI Pharmaceuticals by 325.6% during the third quarter. Marshall Wace LLP now owns 952,037 shares of the biotechnology company’s stock valued at $1,133,000 after purchasing an additional 728,328 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in CASI Pharmaceuticals by 32.3% during the third quarter. Goldman Sachs Group Inc. now owns 199,986 shares of the biotechnology company’s stock valued at $238,000 after purchasing an additional 48,803 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in CASI Pharmaceuticals during the third quarter valued at about $72,000. Renaissance Technologies LLC boosted its position in CASI Pharmaceuticals by 4.6% during the third quarter. Renaissance Technologies LLC now owns 1,618,155 shares of the biotechnology company’s stock valued at $1,926,000 after purchasing an additional 71,849 shares in the last quarter. Finally, Morgan Stanley boosted its position in CASI Pharmaceuticals by 781.2% during the second quarter. Morgan Stanley now owns 43,285 shares of the biotechnology company’s stock valued at $68,000 after purchasing an additional 38,373 shares in the last quarter. 39.51% of the stock is currently owned by institutional investors.

Shares of CASI traded down $0.15 during midday trading on Friday, reaching $0.37. 1,609,655 shares of the stock were exchanged, compared to its average volume of 540,016. CASI Pharmaceuticals has a 52 week low of $0.31 and a 52 week high of $1.78. The company’s 50 day moving average is $0.57 and its two-hundred day moving average is $0.73. The company has a market capitalization of $50.34 million, a P/E ratio of -1.68 and a beta of 0.66.

CASI Pharmaceuticals shares are set to reverse split on Wednesday, June 1st. The 1-10 reverse split was announced on Wednesday, June 1st. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, June 1st.

About CASI Pharmaceuticals (Get Rating)

CASI Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics and pharmaceutical products in 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.

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