CASI Pharmaceuticals (NASDAQ:CASI) Shares Up 6.9% After Insider Buying Activity
CASI Pharmaceuticals Inc (NASDAQ:CASI) shot up 6.9% on Thursday following insider buying activity. The company traded as high as $2.52 and last traded at $2.63, 30,379 shares were traded during mid-day trading. A decline of 83% from the average session volume of 175,813 shares. The stock had previously closed at $2.46.
Specifically, CEO Wei-Wu He bought 264,192 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was bought at an average cost of $1.50 per share, for a total transaction of $396,288.00. Following the completion of the transaction, the chief executive officer now owns 827,527 shares of the company’s stock, valued at $1,241,290.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders purchased 1,227,155 shares of company stock valued at $2,284,788 over the last quarter. 24.29% of the stock is owned by company insiders.
Separately, HC Wainwright restated a “buy” rating and set a $3.50 price target (down from $7.00) on shares of CASI Pharmaceuticals in a research report on Tuesday, March 24th.
CASI Pharmaceuticals (NASDAQ:CASI) last posted its quarterly earnings results on Monday, May 11th. The biotechnology company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. The business had revenue of $3.41 million for the quarter, compared to analysts’ expectations of $0.79 million. Analysts forecast that CASI Pharmaceuticals Inc will post -0.3 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the company. Zebra Capital Management LLC raised its stake in shares of CASI Pharmaceuticals by 18.6% during the first quarter. Zebra Capital Management LLC now owns 52,517 shares of the biotechnology company’s stock valued at $107,000 after acquiring an additional 8,223 shares during the last quarter. Ikarian Capital LLC bought a new position in shares of CASI Pharmaceuticals during the first quarter valued at about $2,121,000. Geode Capital Management LLC raised its stake in shares of CASI Pharmaceuticals by 3.5% during the first quarter. Geode Capital Management LLC now owns 705,108 shares of the biotechnology company’s stock valued at $1,438,000 after acquiring an additional 24,062 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of CASI Pharmaceuticals by 20.9% during the first quarter. Alliancebernstein L.P. now owns 59,000 shares of the biotechnology company’s stock valued at $120,000 after acquiring an additional 10,200 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in shares of CASI Pharmaceuticals by 35.9% during the first quarter. Parametric Portfolio Associates LLC now owns 26,404 shares of the biotechnology company’s stock valued at $54,000 after acquiring an additional 6,974 shares during the last quarter. 20.20% of the stock is owned by hedge funds and other institutional investors.
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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