CASI Pharmaceuticals (NASDAQ:CASI) Share Price Passes Above 200 Day Moving Average – Time to Sell?

Shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.67 and traded as high as $6.01. CASI Pharmaceuticals shares last traded at $5.61, with a volume of 23,888 shares trading hands.

Analyst Ratings Changes

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

CASI Pharmaceuticals Stock Performance

The company has a quick ratio of 2.36, a current ratio of 3.88 and a debt-to-equity ratio of 2.05. The business has a 50 day moving average price of $6.52 and a 200 day moving average price of $4.68. The stock has a market cap of $73.17 million, a P/E ratio of -2.38 and a beta of 0.70.

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

Institutional Inflows and Outflows

A hedge fund recently raised its stake in CASI Pharmaceuticals stock. Renaissance Technologies LLC increased its holdings in CASI Pharmaceuticals, Inc. (NASDAQ:CASI) by 10.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,800 shares of the biotechnology company’s stock after buying an additional 4,000 shares during the period. Renaissance Technologies LLC owned about 0.30% of CASI Pharmaceuticals worth $224,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 22.23% of the company’s stock.

CASI Pharmaceuticals Company Profile

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.