CASI Pharmaceuticals (NASDAQ:CASI) Stock Crosses Above 200 Day Moving Average – Here’s Why

CASI Pharmaceuticals, Inc. (NASDAQ:CASI)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.04 and traded as high as $6.20. CASI Pharmaceuticals shares last traded at $5.99, with a volume of 26,014 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com began coverage on shares of CASI Pharmaceuticals in a report on Saturday, August 3rd. They set a “hold” rating for the company.

CASI Pharmaceuticals Price Performance

The company has a debt-to-equity ratio of 2.05, a quick ratio of 2.36 and a current ratio of 3.88. The company has a market capitalization of $92.61 million, a price-to-earnings ratio of -2.95 and a beta of 0.69. The company has a 50-day moving average price of $6.17 and a 200-day moving average price of $5.04.

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

Hedge Funds Weigh In On CASI Pharmaceuticals

An institutional investor recently bought a new position in CASI Pharmaceuticals stock. Howland Capital Management LLC purchased a new stake in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 40,429 shares of the biotechnology company’s stock, valued at approximately $146,000. Howland Capital Management LLC owned 0.30% of CASI Pharmaceuticals at the end of the most recent reporting period. Institutional investors and hedge funds 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.