StockNews.com Initiates Coverage on CASI Pharmaceuticals (NASDAQ:CASI)

StockNews.com started coverage on shares of CASI Pharmaceuticals (NASDAQ:CASI) in a research report sent to investors on Tuesday morning. The brokerage issued a hold rating on the biotechnology company’s stock.

Separately, HC Wainwright reduced their price objective on CASI Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th.

CASI Pharmaceuticals Trading Up 9.6 %

NASDAQ CASI opened at $1.88 on Tuesday. The company has a market capitalization of $23.06 million, a price-to-earnings ratio of -0.84 and a beta of 0.81. The company has a debt-to-equity ratio of 1.38, a current ratio of 3.20 and a quick ratio of 2.32. CASI Pharmaceuticals has a 12 month low of $1.64 and a 12 month high of $7.67. The company’s fifty day moving average price is $2.09 and its two-hundred day moving average price is $3.05.

CASI Pharmaceuticals (NASDAQ:CASI) last announced its quarterly earnings results on Monday, March 31st. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.19). The company had revenue of $13.36 million for the quarter, compared to analyst estimates of $7.39 million. CASI Pharmaceuticals had a negative return on equity of 181.52% and a negative net margin of 143.18%.

Hedge Funds Weigh In On CASI Pharmaceuticals

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Woodline Partners LP lifted its holdings in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 226.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 99,690 shares of the biotechnology company’s stock after buying an additional 69,158 shares during the quarter. Woodline Partners LP owned about 0.64% of CASI Pharmaceuticals worth $282,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 22.23% of the company’s stock.

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.