CASI Pharmaceuticals (NASDAQ:CASI) Announces Quarterly Earnings Results

CASI Pharmaceuticals (NASDAQ:CASI) posted its quarterly earnings data on Friday. The biotechnology company reported ($0.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.27), Zacks reports. CASI Pharmaceuticals had a negative net margin of 148.55% and a negative return on equity of 972.55%.

CASI Pharmaceuticals Stock Down 5.6%

Shares of CASI traded down $0.08 during midday trading on Friday, hitting $1.26. The company’s stock had a trading volume of 19,040 shares, compared to its average volume of 415,927. CASI Pharmaceuticals has a one year low of $1.09 and a one year high of $5.95. The stock has a market capitalization of $15.50 million, a price-to-earnings ratio of -0.44 and a beta of 0.90. The company’s fifty day simple moving average is $1.70 and its two-hundred day simple moving average is $1.73.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Woodline Partners LP raised its holdings in CASI Pharmaceuticals Inc. (NASDAQ:CASI) by 64.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 164,365 shares of the biotechnology company’s stock after acquiring an additional 64,675 shares during the period. Woodline Partners LP owned about 1.34% of CASI Pharmaceuticals worth $355,000 at the end of the most recent quarter. 22.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CASI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of CASI Pharmaceuticals in a research report on Tuesday, October 14th. HC Wainwright reaffirmed a “buy” rating and issued a $4.00 price objective on shares of CASI Pharmaceuticals in a report on Wednesday, September 3rd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, CASI Pharmaceuticals currently has an average rating of “Hold” and a consensus price target of $4.00.

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.