StockNews.com Begins Coverage on CASI Pharmaceuticals (NASDAQ:CASI)

StockNews.com initiated coverage on shares of CASI Pharmaceuticals (NASDAQ:CASI) in a research report sent to investors on Friday morning. The brokerage issued a hold rating on the biotechnology company’s stock.

CASI Pharmaceuticals Trading Down 8.2 %

Shares of CASI Pharmaceuticals stock opened at $2.46 on Friday. The firm has a market capitalization of $38.11 million, a PE ratio of -1.10 and a beta of 0.60. 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 firm’s 50 day moving average is $2.85 and its 200 day moving average is $4.94. CASI Pharmaceuticals has a 1 year low of $2.05 and a 1 year high of $7.67.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Renaissance Technologies LLC boosted its position in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 10.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,800 shares of the biotechnology company’s stock after purchasing an additional 4,000 shares during the period. Renaissance Technologies LLC owned 0.30% of CASI Pharmaceuticals worth $224,000 at the end of the most recent quarter. 22.23% of the stock is currently owned by institutional investors.

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.