Short Interest in CASI Pharmaceuticals Inc. (NASDAQ:CASI) Declines By 24.1%

CASI Pharmaceuticals Inc. (NASDAQ:CASI) was the target of a significant drop in short interest in January. As of January 15th, there was short interest totaling 60,755 shares, a drop of 24.1% from the December 31st total of 80,078 shares. Approximately 0.6% of the shares of the stock are sold short. Based on an average trading volume of 65,086 shares, the short-interest ratio is currently 0.9 days. Based on an average trading volume of 65,086 shares, the short-interest ratio is currently 0.9 days. Approximately 0.6% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of CASI Pharmaceuticals in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.00.

Hedge Funds Weigh In On CASI Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in CASI Pharmaceuticals by 2,013.3% during the third quarter. Bank of America Corp DE now owns 254,884 shares of the biotechnology company’s stock worth $423,000 after acquiring an additional 242,823 shares in the last quarter. Woodline Partners LP boosted its holdings in shares of CASI Pharmaceuticals by 64.9% during the 1st quarter. Woodline Partners LP now owns 164,365 shares of the biotechnology company’s stock worth $355,000 after purchasing an additional 64,675 shares during the last quarter. Two Sigma Investments LP purchased a new stake in CASI Pharmaceuticals during the 3rd quarter worth approximately $55,000. Finally, Foresite Capital Management VI LLC lifted its position in CASI Pharmaceuticals by 24.5% in the third quarter. Foresite Capital Management VI LLC now owns 979,956 shares of the biotechnology company’s stock valued at $1,627,000 after purchasing an additional 192,835 shares during the period. 22.23% of the stock is owned by hedge funds and other institutional investors.

CASI Pharmaceuticals Stock Performance

CASI Pharmaceuticals stock traded up $0.03 during mid-day trading on Friday, reaching $1.02. 52,007 shares of the company were exchanged, compared to its average volume of 48,876. The business has a fifty day moving average of $0.93 and a 200 day moving average of $1.46. CASI Pharmaceuticals has a 12-month low of $0.75 and a 12-month high of $3.09. The firm has a market cap of $12.55 million, a P/E ratio of -0.34 and a beta of 0.91.

CASI Pharmaceuticals (NASDAQ:CASI) last announced its quarterly earnings data on Friday, November 14th. The biotechnology company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.27). The business had revenue of $3.08 million for the quarter.

CASI Pharmaceuticals Company Profile

CASI Pharmaceuticals, Inc is a clinical‐stage biopharmaceutical company focused on the development and commercialization of innovative therapies in oncology and immunology. The company leverages a combination of small‐molecule targeted drugs and biologics to address high‐unmet medical needs in cancer and autoimmune diseases. CASI’s R&D efforts emphasize the discovery and advancement of compounds that modulate key signaling pathways, with a goal of delivering differentiated treatment options to patients worldwide.

The company’s lead clinical candidate is famitinib, a multi‐targeted tyrosine kinase inhibitor that has been evaluated in various solid tumors, including gastric, breast and renal cancers.