CASI Pharmaceuticals (NASDAQ:CASI) Coverage Initiated at Oppenheimer

Oppenheimer began coverage on shares of CASI Pharmaceuticals (NASDAQ:CASI) in a research note published on Friday, Analyst Ratings Network reports. The brokerage issued an outperform rating and a $5.00 price target on the biotechnology company’s stock.

NASDAQ CASI opened at $1.80 on Friday. CASI Pharmaceuticals has a 52 week low of $1.15 and a 52 week high of $3.57. The stock’s 50 day moving average price is $1.64 and its two-hundred day moving average price is $1.99. The stock has a market capitalization of $223.10 million, a price-to-earnings ratio of -4.39 and a beta of 0.71.

CASI Pharmaceuticals (NASDAQ:CASI) last announced its quarterly earnings data on Monday, August 10th. The biotechnology company reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.01. The business had revenue of $2.67 million for the quarter, compared to analyst estimates of $3.75 million. CASI Pharmaceuticals had a negative net margin of 388.71% and a negative return on equity of 53.15%. Sell-side analysts forecast that CASI Pharmaceuticals will post -0.25 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC acquired a new position in shares of CASI Pharmaceuticals during the 2nd quarter worth approximately $31,000. BNP Paribas Arbitrage SA increased its holdings in CASI Pharmaceuticals by 111.1% during the first quarter. BNP Paribas Arbitrage SA now owns 15,473 shares of the biotechnology company’s stock worth $32,000 after buying an additional 8,142 shares during the last quarter. Marshall Wace LLP bought a new stake in CASI Pharmaceuticals during the first quarter worth $44,000. Bank of America Corp DE lifted its stake in CASI Pharmaceuticals by 103.7% in the second quarter. Bank of America Corp DE now owns 18,490 shares of the biotechnology company’s stock valued at $46,000 after acquiring an additional 9,415 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its position in shares of CASI Pharmaceuticals by 35.9% in the 1st quarter. Parametric Portfolio Associates LLC now owns 26,404 shares of the biotechnology company’s stock valued at $54,000 after acquiring an additional 6,974 shares during the period. Institutional investors and hedge funds own 18.46% of the company’s stock.

About CASI Pharmaceuticals

CASI Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes 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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