CASI Pharmaceuticals (NASDAQ:CASI) Stock Passes Above 200 Day Moving Average of $3.21

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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 $3.21 and traded as high as $3.12. CASI Pharmaceuticals shares last traded at $3.01, with a volume of 6,416 shares traded.

Several research analysts have recently issued reports on the company. BidaskClub cut CASI Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday, June 27th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of CASI Pharmaceuticals in a research note on Thursday, May 16th.

The company has a 50 day moving average of $3.13 and a two-hundred day moving average of $3.21. The firm has a market cap of $293.85 million, a P/E ratio of -9.59 and a beta of 1.08.

In other news, CEO Wei-Wu He bought 160,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was acquired at an average price of $3.17 per share, with a total value of $507,200.00. Following the completion of the purchase, the chief executive officer now directly owns 807,527 shares of the company’s stock, valued at approximately $2,559,860.59. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 24.29% of the company’s stock.

Several large investors have recently added to or reduced their stakes in CASI. BlackRock Inc. boosted its position in shares of CASI Pharmaceuticals by 13.6% in the 2nd quarter. BlackRock Inc. now owns 3,111,073 shares of the biotechnology company’s stock valued at $9,955,000 after purchasing an additional 372,964 shares during the period. Geode Capital Management LLC boosted its position in shares of CASI Pharmaceuticals by 14.9% in the 4th quarter. Geode Capital Management LLC now owns 584,970 shares of the biotechnology company’s stock valued at $2,351,000 after purchasing an additional 75,815 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of CASI Pharmaceuticals by 23.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 313,252 shares of the biotechnology company’s stock valued at $1,003,000 after purchasing an additional 59,501 shares during the period. Wellington Shields & Co. LLC boosted its position in shares of CASI Pharmaceuticals by 4.3% in the 1st quarter. Wellington Shields & Co. LLC now owns 1,126,650 shares of the biotechnology company’s stock valued at $3,233,000 after purchasing an additional 46,000 shares during the period. Finally, Susquehanna International Group LLP acquired a new position in shares of CASI Pharmaceuticals in the 2nd quarter valued at $81,000. Institutional investors and hedge funds own 12.11% of the company’s stock.

About CASI Pharmaceuticals (NASDAQ:CASI)

CASI Pharmaceuticals, Inc, a pharmaceutical company, develops pharmaceutical products and various therapeutics in China, the United States, and internationally. The company's product pipeline includes EVOMELA, a melphalan hydrochloride for injection primarily for use as a high-dose conditioning treatment prior to hematopoietic progenitor cell transplantation in patients with multiple myeloma.

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