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

CASI Pharmaceuticals, Inc. (NASDAQ:CASI) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 19,100 shares, a drop of 18.0% from the March 15th total of 23,300 shares. Currently, 0.4% of the company’s shares are short sold. Based on an average daily trading volume, of 15,100 shares, the short-interest ratio is presently 1.3 days.

CASI Pharmaceuticals Stock Performance

CASI traded up $0.09 during trading on Friday, hitting $2.02. 16,797 shares of the stock were exchanged, compared to its average volume of 81,703. The firm has a market capitalization of $24.84 million, a P/E ratio of -0.91 and a beta of 0.66. CASI Pharmaceuticals has a 1-year low of $1.88 and a 1-year high of $7.67. The stock has a fifty day moving average price of $2.22 and a two-hundred day moving average price of $3.39. The company has a quick ratio of 2.32, a current ratio of 3.20 and a debt-to-equity ratio of 1.38.

CASI Pharmaceuticals (NASDAQ:CASI) last issued its quarterly earnings results on Monday, March 31st. The biotechnology company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.19). The business had revenue of $13.36 million for the quarter, compared to analyst estimates of $7.39 million. CASI Pharmaceuticals had a negative return on equity of 181.52% and a negative net margin of 143.18%.

Institutional Trading of CASI Pharmaceuticals

An institutional investor recently raised its position in CASI Pharmaceuticals stock. Woodline Partners LP lifted its holdings in shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 226.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 99,690 shares of the biotechnology company’s stock after buying an additional 69,158 shares during the period. Woodline Partners LP owned about 0.64% of CASI Pharmaceuticals worth $282,000 at the end of the most recent reporting period. 22.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CASI shares. HC Wainwright lowered their price objective on shares of CASI Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. StockNews.com assumed coverage on shares of CASI Pharmaceuticals in a research report on Sunday. They set a “hold” rating for the company.

CASI Pharmaceuticals Company Profile

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.