CASI Pharmaceuticals (NASDAQ:CASI) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of CASI Pharmaceuticals (NASDAQ:CASIGet Rating) from a sell rating to a hold rating in a research report released on Friday morning, Zacks.com reports.

According to Zacks, “CASI Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. It is focused on the acquisition, development and commercialization of proprietary therapeutics for the treatment of cancer and other diseases for the global markets, with a focus on China. The Company’s products present antiangiogenic solutions to cancer, cardiovascular disease, and macular degeneration. CASI Pharmaceuticals Inc., formerly known as EntreMed, Inc., is headquartered in Rockville, Maryland. “

Other research analysts also recently issued reports about the stock. HC Wainwright decreased their target price on shares of CASI Pharmaceuticals from $4.00 to $3.00 in a research note on Friday. StockNews.com assumed coverage on shares of CASI Pharmaceuticals in a research note on Friday, May 6th. They issued a hold rating for the company.

Shares of CASI Pharmaceuticals stock traded up $0.04 during trading hours on Friday, hitting $0.35. The company’s stock had a trading volume of 218,626 shares, compared to its average volume of 275,517. CASI Pharmaceuticals has a 1-year low of $0.31 and a 1-year high of $1.78. The business has a fifty day moving average of $0.65 and a 200 day moving average of $0.78. The company has a market capitalization of $47.60 million, a PE ratio of -1.58 and a beta of 0.66.

CASI Pharmaceuticals (NASDAQ:CASIGet Rating) last released its quarterly earnings data on Thursday, May 12th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. CASI Pharmaceuticals had a negative net margin of 121.50% and a negative return on equity of 40.06%. During the same period last year, the company earned ($0.11) earnings per share. Analysts anticipate that CASI Pharmaceuticals will post -0.37 EPS for the current year.

Several hedge funds have recently made changes to their positions in the company. Marshall Wace LLP boosted its stake in CASI Pharmaceuticals by 325.6% during the 3rd quarter. Marshall Wace LLP now owns 952,037 shares of the biotechnology company’s stock valued at $1,133,000 after acquiring an additional 728,328 shares during the last quarter. Wellington Shields & Co. LLC boosted its stake in CASI Pharmaceuticals by 27.3% during the 1st quarter. Wellington Shields & Co. LLC now owns 1,453,190 shares of the biotechnology company’s stock valued at $1,177,000 after acquiring an additional 312,000 shares during the last quarter. Susquehanna International Group LLP boosted its stake in CASI Pharmaceuticals by 128.8% during the 4th quarter. Susquehanna International Group LLP now owns 531,064 shares of the biotechnology company’s stock valued at $425,000 after acquiring an additional 298,955 shares during the last quarter. Geode Capital Management LLC boosted its stake in CASI Pharmaceuticals by 34.2% during the 3rd quarter. Geode Capital Management LLC now owns 944,729 shares of the biotechnology company’s stock valued at $1,124,000 after acquiring an additional 240,841 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in CASI Pharmaceuticals by 930.7% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 218,428 shares of the biotechnology company’s stock valued at $260,000 after acquiring an additional 197,236 shares during the last quarter. Institutional investors and hedge funds own 39.51% of the company’s stock.

CASI Pharmaceuticals Company Profile (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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