CASI Pharmaceuticals Inc. (NASDAQ:CASI) Sees Significant Decline in Short Interest

CASI Pharmaceuticals Inc. (NASDAQ:CASI) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totaling 84,705 shares, a decline of 16.5% from the November 30th total of 101,427 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily volume of 42,655 shares, the short-interest ratio is currently 2.0 days. Based on an average daily volume of 42,655 shares, the short-interest ratio is currently 2.0 days. Currently, 0.9% of the shares of the stock are short sold.

Analyst Ratings Changes

Several brokerages have recently commented on CASI. Weiss Ratings reiterated a “sell (e+)” rating on shares of CASI Pharmaceuticals in a research report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $4.00 price target on shares of CASI Pharmaceuticals in a research report on Wednesday, September 3rd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.00.

Institutional Inflows and Outflows

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

CASI Pharmaceuticals Stock Performance

Shares of CASI traded up $0.08 on Wednesday, hitting $0.84. 9,513 shares of the stock traded hands, compared to its average volume of 368,396. The business has a 50 day simple moving average of $1.12 and a 200 day simple moving average of $1.52. CASI Pharmaceuticals has a one year low of $0.75 and a one year high of $3.29. The company has a market capitalization of $10.38 million, a PE ratio of -0.26 and a beta of 0.90.

CASI Pharmaceuticals (NASDAQ:CASI) last released its quarterly earnings data on Friday, November 14th. The biotechnology company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.27). The business had revenue of $3.08 million during the quarter. CASI Pharmaceuticals had a negative return on equity of 972.55% and a negative net margin of 183.93%.

About CASI Pharmaceuticals

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.