CASI Pharmaceuticals (NASDAQ:CASI) Upgraded to Hold by BidaskClub

BidaskClub upgraded shares of CASI Pharmaceuticals (NASDAQ:CASI) from a sell rating to a hold rating in a research note issued to investors on Wednesday, BidAskClub reports.

Separately, Oppenheimer assumed coverage on shares of CASI Pharmaceuticals in a research note on Friday, October 23rd. They issued an outperform rating and a $5.00 price target on the stock.

Shares of CASI stock opened at $2.03 on Wednesday. The firm’s 50-day moving average is $1.65 and its 200-day moving average is $1.99. The stock has a market cap of $251.61 million, a price-to-earnings ratio of -4.95 and a beta of 0.71. CASI Pharmaceuticals has a 52-week low of $1.15 and a 52-week high of $3.57.

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

Several large investors have recently made changes to their positions in the business. Bridgeway Capital Management Inc. raised its stake in shares of CASI Pharmaceuticals by 42.4% during the second quarter. Bridgeway Capital Management Inc. now owns 205,200 shares of the biotechnology company’s stock valued at $513,000 after acquiring an additional 61,100 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CASI Pharmaceuticals by 9.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 334,796 shares of the biotechnology company’s stock valued at $837,000 after buying an additional 29,902 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of CASI Pharmaceuticals during the second quarter valued at about $31,000. Bank of America Corp DE grew its holdings in shares of CASI Pharmaceuticals by 103.7% during the second quarter. Bank of America Corp DE now owns 18,490 shares of the biotechnology company’s stock valued at $46,000 after buying an additional 9,415 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of CASI Pharmaceuticals by 4.0% during the second quarter. Bank of New York Mellon Corp now owns 174,643 shares of the biotechnology company’s stock valued at $436,000 after buying an additional 6,781 shares during the last quarter. Hedge funds and other institutional investors own 18.46% of the company’s stock.

CASI Pharmaceuticals Company Profile

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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