CASI Pharmaceuticals (NASDAQ:CASI) Price Target Lowered to $4.00 at HC Wainwright

CASI Pharmaceuticals (NASDAQ:CASI) had its target price lowered by HC Wainwright from $6.00 to $4.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Separately, StockNews.com assumed coverage on shares of CASI Pharmaceuticals in a report on Friday, April 4th. They set a “hold” rating for the company.

CASI Pharmaceuticals Price Performance

Shares of CASI stock traded down $0.08 during trading hours on Wednesday, hitting $2.03. The company’s stock had a trading volume of 4,042 shares, compared to its average volume of 82,072. The company has a current ratio of 3.20, a quick ratio of 2.32 and a debt-to-equity ratio of 1.38. The business has a fifty day moving average of $2.29 and a 200-day moving average of $3.57. CASI Pharmaceuticals has a twelve month low of $1.90 and a twelve month high of $7.67. The stock has a market cap of $24.92 million, a price-to-earnings ratio of -0.91 and a beta of 0.66.

CASI Pharmaceuticals (NASDAQ:CASI) last released 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 company had revenue of $13.36 million during 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%.

Hedge Funds Weigh In On CASI Pharmaceuticals

A hedge fund recently bought a new stake in CASI Pharmaceuticals stock. Foresite Capital Management VI LLC purchased a new stake in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,329,383 shares of the biotechnology company’s stock, valued at approximately $3,762,000. CASI Pharmaceuticals accounts for 1.7% of Foresite Capital Management VI LLC’s holdings, making the stock its 13th biggest position. Foresite Capital Management VI LLC owned approximately 8.58% of CASI Pharmaceuticals at the end of the most recent quarter. Institutional investors own 22.23% of the company’s stock.

About CASI Pharmaceuticals

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.