CASI Pharmaceuticals, Inc. (NASDAQ:CASI) Sees Large Growth in Short Interest

CASI Pharmaceuticals, Inc. (NASDAQ:CASI) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 4,190,000 shares, a growth of 28.9% from the August 15th total of 3,250,000 shares. Currently, 4.7% of the shares of the company are short sold. Based on an average daily volume of 1,370,000 shares, the short-interest ratio is presently 3.1 days.

CASI stock traded down $0.07 during midday trading on Tuesday, reaching $1.29. The company had a trading volume of 82,402 shares, compared to its average volume of 1,532,815. CASI Pharmaceuticals has a 1-year low of $1.14 and a 1-year high of $3.90. The stock has a 50 day moving average price of $1.37 and a 200-day moving average price of $1.64. The company has a market capitalization of $179.64 million, a price-to-earnings ratio of -3.21 and a beta of 0.19.

CASI Pharmaceuticals (NASDAQ:CASI) last released its earnings results on Wednesday, August 11th. The biotechnology company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.02. CASI Pharmaceuticals had a negative net margin of 236.69% and a negative return on equity of 56.52%. The firm had revenue of $7.16 million for the quarter, compared to analyst estimates of $6.15 million. Research analysts anticipate that CASI Pharmaceuticals will post -0.26 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC bought a new stake in CASI Pharmaceuticals during the first quarter worth $26,000. Goldman Sachs Group Inc. raised its holdings in shares of CASI Pharmaceuticals by 109.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 62,052 shares of the biotechnology company’s stock worth $149,000 after buying an additional 32,473 shares in the last quarter. D. E. Shaw & Co. Inc. bought a new stake in shares of CASI Pharmaceuticals during the 1st quarter worth $54,000. Mosaic Family Wealth LLC bought a new stake in shares of CASI Pharmaceuticals during the 2nd quarter worth $27,000. Finally, Aristides Capital LLC acquired a new stake in CASI Pharmaceuticals in the first quarter valued at about $152,000. Institutional investors and hedge funds own 33.42% of the company’s stock.

Separately, Zacks Investment Research cut shares of CASI Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, August 23rd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, CASI Pharmaceuticals presently has an average rating of “Buy” and an average target price of $3.66.

About CASI Pharmaceuticals

CASI Pharmaceuticals, Inc is a biopharmaceutical company, which is focused on the acquisition, development and commercialization of therapeutics addressing cancer and other unmet medical needs. The company develops and commercializes the oncology drugs and drug candidates in China, Taiwan, Hong Kong, and Macau.

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