CASI Pharmaceuticals, Inc. (NASDAQ:CASI) Sees Large Decline in Short Interest

CASI Pharmaceuticals, Inc. (NASDAQ:CASI) saw a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 202,600 shares, a decrease of 6.9% from the July 15th total of 217,600 shares. Based on an average daily trading volume, of 240,500 shares, the days-to-cover ratio is presently 0.8 days. Currently, 3.2% of the company’s shares are sold short.

CASI Pharmaceuticals Stock Up 1.4 %

Shares of CASI Pharmaceuticals stock opened at $6.38 on Wednesday. The company has a quick ratio of 3.25, a current ratio of 5.05 and a debt-to-equity ratio of 1.20. CASI Pharmaceuticals has a 52-week low of $1.90 and a 52-week high of $8.48. The company has a market capitalization of $85.43 million, a P/E ratio of -2.80 and a beta of 0.69. The company has a 50 day moving average of $5.64 and a 200 day moving average of $4.46.

Institutional Investors Weigh In On CASI Pharmaceuticals

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Renaissance Technologies LLC raised its stake in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 10.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CASI shares. StockNews.com assumed coverage on shares of CASI Pharmaceuticals in a research report on Saturday, August 3rd. They set a “hold” rating for the company. HC Wainwright cut their price objective on CASI Pharmaceuticals from $12.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, May 15th.

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.