Short Interest in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) Declines By 31.3%

CASI Pharmaceuticals, Inc. (NASDAQ:CASI) was the target of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 75,600 shares, a decrease of 31.3% from the October 15th total of 110,000 shares. Based on an average daily trading volume, of 27,200 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.9% of the shares of the stock are sold short.

CASI Pharmaceuticals Trading Down 9.4 %

Shares of NASDAQ:CASI traded down $0.55 on Friday, reaching $5.33. 27,316 shares of the company traded hands, compared to its average volume of 139,548. CASI Pharmaceuticals has a 52 week low of $2.05 and a 52 week high of $8.48. The company has a current ratio of 3.88, a quick ratio of 2.36 and a debt-to-equity ratio of 2.05. The business’s 50-day simple moving average is $5.97 and its 200 day simple moving average is $5.30. The stock has a market capitalization of $82.40 million, a P/E ratio of -2.63 and a beta of 0.69.

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

Analyst Ratings Changes

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

Institutional Trading of CASI Pharmaceuticals

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Renaissance Technologies LLC raised its holdings in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 10.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,800 shares of the biotechnology company’s stock after buying an additional 4,000 shares during the quarter. Renaissance Technologies LLC owned about 0.30% of CASI Pharmaceuticals worth $224,000 at the end of the most recent quarter. 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.