CASI Pharmaceuticals, Inc. (NASDAQ:CASI) Sees Significant Drop in Short Interest

CASI Pharmaceuticals, Inc. (NASDAQ:CASI) was the recipient of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 146,500 shares, a drop of 9.4% from the September 15th total of 161,700 shares. Currently, 3.4% of the shares of the company are sold short. Based on an average trading volume of 34,400 shares, the days-to-cover ratio is presently 4.3 days.

CASI Pharmaceuticals Price Performance

Shares of NASDAQ CASI traded down $0.18 during mid-day trading on Wednesday, reaching $5.40. 18,212 shares of the company traded hands, compared to its average volume of 151,263. CASI Pharmaceuticals has a fifty-two week low of $2.05 and a fifty-two week high of $8.48. The firm has a market cap of $72.37 million, a PE ratio of -2.37 and a beta of 0.69. The stock has a fifty day simple moving average of $6.31 and a 200-day simple moving average of $4.86. The company has a debt-to-equity ratio of 2.05, a current ratio of 3.88 and a quick ratio of 2.36.

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in CASI Pharmaceuticals stock. Howland Capital Management LLC acquired a new position in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 40,429 shares of the biotechnology company’s stock, valued at approximately $146,000. Howland Capital Management LLC owned about 0.30% of CASI Pharmaceuticals at the end of the most recent reporting period. 22.23% of the stock is owned by institutional investors and hedge funds.

CASI Pharmaceuticals Company Profile

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.