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

BidaskClub cut shares of CASI Pharmaceuticals (NASDAQ:CASI) from a hold rating to a sell rating in a research report released on Friday morning, BidAskClub reports.

Shares of CASI Pharmaceuticals stock traded down $0.11 during trading hours on Friday, reaching $2.98. The company’s stock had a trading volume of 135,543 shares, compared to its average volume of 188,889. CASI Pharmaceuticals has a one year low of $2.73 and a one year high of $5.20. The company has a market capitalization of $285.24 million, a P/E ratio of -9.31 and a beta of 1.12. The stock’s fifty day simple moving average is $3.28 and its two-hundred day simple moving average is $3.19.

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 analysts’ consensus estimates of ($0.09) by ($0.01). As a group, equities analysts forecast that CASI Pharmaceuticals will post -0.34 earnings per share for the current year.

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

Several institutional investors have recently added to or reduced their stakes in the business. Susquehanna International Group LLP bought a new position in shares of CASI Pharmaceuticals in the second quarter valued at $81,000. Jane Street Group LLC bought a new position in shares of CASI Pharmaceuticals during the second quarter valued at about $35,000. BlackRock Inc. lifted its position in shares of CASI Pharmaceuticals by 13.6% during the second quarter. BlackRock Inc. now owns 3,111,073 shares of the biotechnology company’s stock valued at $9,955,000 after purchasing an additional 372,964 shares in the last quarter. Northern Trust Corp lifted its position in shares of CASI Pharmaceuticals by 1.0% during the second quarter. Northern Trust Corp now owns 606,766 shares of the biotechnology company’s stock valued at $1,942,000 after purchasing an additional 6,257 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of CASI Pharmaceuticals by 23.4% during 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 in the last quarter. 12.17% of the stock is currently owned by hedge funds and other institutional investors.

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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