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

Stock analysts at StockNews.com assumed coverage on shares of CASI Pharmaceuticals (NASDAQ:CASI) in a report released on Wednesday. The brokerage set a “hold” rating on the biotechnology company’s stock.

CASI Pharmaceuticals Price Performance

Shares of NASDAQ:CASI opened at $2.27 on Wednesday. The business’s 50 day simple moving average is $2.43 and its 200-day simple moving average is $4.09. The firm has a market capitalization of $35.23 million, a price-to-earnings ratio of -1.02 and a beta of 0.41. The company has a debt-to-equity ratio of 1.38, a current ratio of 3.20 and a quick ratio of 2.32. CASI Pharmaceuticals has a 12 month low of $2.04 and a 12 month high of $7.67.

Institutional Investors Weigh In On CASI Pharmaceuticals

A hedge fund recently bought a new stake in CASI Pharmaceuticals stock. Foresite Capital Management VI LLC bought a new stake in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,329,383 shares of the biotechnology company’s stock, valued at approximately $3,762,000. CASI Pharmaceuticals makes up approximately 1.7% of Foresite Capital Management VI LLC’s holdings, making the stock its 13th biggest position. Foresite Capital Management VI LLC owned approximately 8.58% of CASI Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission. Institutional investors 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.