CASI Pharmaceuticals (NASDAQ:CASI) Shares Pass Above 200-Day Moving Average of $4.67

CASI Pharmaceuticals, Inc. (NASDAQ:CASI)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.67 and traded as high as $6.01. CASI Pharmaceuticals shares last traded at $5.61, with a volume of 23,888 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on CASI Pharmaceuticals in a research note on Saturday, August 3rd. They set a “hold” rating on the stock.

CASI Pharmaceuticals Stock Down 8.9 %

The business’s 50 day simple moving average is $6.54 and its 200 day simple moving average is $4.67. The company has a debt-to-equity ratio of 2.05, a current ratio of 3.88 and a quick ratio of 2.36. The company has a market capitalization of $75.18 million, a PE ratio of -2.46 and a beta of 0.70.

CASI Pharmaceuticals (NASDAQ:CASI) last released its quarterly earnings results on Friday, August 16th. The biotechnology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.11. The firm had revenue of $3.98 million for the quarter, compared to analyst estimates of $4.43 million. CASI Pharmaceuticals had a negative net margin of 118.81% and a negative return on equity of 126.20%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in CASI Pharmaceuticals stock. Renaissance Technologies LLC increased its stake in shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 10.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 40,800 shares of the biotechnology company’s stock after purchasing an additional 4,000 shares during the period. Renaissance Technologies LLC owned approximately 0.30% of CASI Pharmaceuticals worth $224,000 at the end of the most recent reporting period. Institutional investors own 22.23% of the company’s stock.

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.