Zacks Investment Research Upgrades CASI Pharmaceuticals (NASDAQ:CASI) to “Hold”

Zacks Investment Research upgraded shares of CASI Pharmaceuticals (NASDAQ:CASIGet Rating) from a sell rating to a hold rating in a research report sent to investors on Friday, Zacks.com reports.

According to Zacks, “CASI Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. It is focused on the acquisition, development and commercialization of proprietary therapeutics for the treatment of cancer and other diseases for the global markets, with a focus on China. The Company’s products present antiangiogenic solutions to cancer, cardiovascular disease, and macular degeneration. CASI Pharmaceuticals Inc., formerly known as EntreMed, Inc., is headquartered in Rockville, Maryland. “

Separately, StockNews.com started coverage on CASI Pharmaceuticals in a report on Thursday, March 31st. They set a hold rating for the company. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Buy and an average target price of $3.33.

Shares of CASI stock opened at $0.60 on Friday. The stock has a market cap of $81.95 million, a P/E ratio of -2.22 and a beta of 0.32. CASI Pharmaceuticals has a one year low of $0.56 and a one year high of $1.99. The stock has a fifty day moving average price of $0.80 and a 200 day moving average price of $0.87.

CASI Pharmaceuticals (NASDAQ:CASIGet Rating) last issued its earnings results on Monday, March 28th. The biotechnology company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. CASI Pharmaceuticals had a negative return on equity of 40.06% and a negative net margin of 121.50%. During the same period in the previous year, the company earned ($0.12) earnings per share. Research analysts anticipate that CASI Pharmaceuticals will post -0.37 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace LLP raised its holdings in shares of CASI Pharmaceuticals by 325.6% in the third quarter. Marshall Wace LLP now owns 952,037 shares of the biotechnology company’s stock valued at $1,133,000 after buying an additional 728,328 shares during the last quarter. Susquehanna International Group LLP increased its position in CASI Pharmaceuticals by 128.8% in the fourth quarter. Susquehanna International Group LLP now owns 531,064 shares of the biotechnology company’s stock worth $425,000 after purchasing an additional 298,955 shares during the period. Geode Capital Management LLC increased its position in CASI Pharmaceuticals by 34.2% in the third quarter. Geode Capital Management LLC now owns 944,729 shares of the biotechnology company’s stock worth $1,124,000 after purchasing an additional 240,841 shares during the period. Cubist Systematic Strategies LLC increased its position in CASI Pharmaceuticals by 930.7% in the third quarter. Cubist Systematic Strategies LLC now owns 218,428 shares of the biotechnology company’s stock worth $260,000 after purchasing an additional 197,236 shares during the period. Finally, Renaissance Technologies LLC increased its position in CASI Pharmaceuticals by 4.6% in the third quarter. Renaissance Technologies LLC now owns 1,618,155 shares of the biotechnology company’s stock worth $1,926,000 after purchasing an additional 71,849 shares during the period. 46.29% of the stock is owned by institutional investors.

About CASI Pharmaceuticals (Get Rating)

CASI Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics and pharmaceutical products in 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.

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