CASI Pharmaceuticals Stock Set to Reverse Split on Wednesday, June 1st (NASDAQ:CASI) - ETF Daily News - Financial Daily News Site

CASI Pharmaceuticals Stock Set to Reverse Split on Wednesday, June 1st (NASDAQ:CASI) – ETF Daily News

Shares of CASI Pharmaceuticals, Inc. (NASDAQ:CASI – Get Rating) are going to reverse split on Wednesday, June 1st. The 1-10 reverse split was announced on Wednesday, June 1st. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, June 1st.

Shares of NASDAQ CASI opened at $0.37 on Friday. CASI Pharmaceuticals has a 12 month low of $0.31 and a 12 month high of $1.78. The company has a market cap of $50.34 million, a price-to-earnings ratio of -1.68 and a beta of 0.66. The business has a fifty day simple moving average of $0.57 and a 200-day simple moving average of $0.73.

CASI Pharmaceuticals (NASDAQ:CASI – Get Rating) last announced its earnings results on Thursday, May 12th. The biotechnology company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $9.06 million during the quarter, compared to the consensus estimate of $9.15 million. CASI Pharmaceuticals had a negative return on equity of 36.81% and a negative net margin of 93.65%. During the same period in the prior year, the business posted ($0.11) earnings per share. Research analysts anticipate that CASI Pharmaceuticals will post -0.22 earnings per share for the current fiscal year.

Several research firms recently weighed in on CASI. StockNews.com began coverage on CASI Pharmaceuticals in a research report on Sunday, May 22nd. They set a “hold” rating on the stock. Zacks Investment Research raised CASI Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Friday, May 13th. Finally, HC Wainwright dropped their price target on CASI Pharmaceuticals from $4.00 to $3.00 in a research report on Friday, May 13th.

Hedge funds have recently modified their holdings of the business. Marshall Wace LLP increased its position in CASI Pharmaceuticals by 325.6% in the 3rd quarter. Marshall Wace LLP now owns 952,037 shares of the biotechnology company’s stock worth $1,133,000 after purchasing an additional 728,328 shares during the last quarter. Goldman Sachs Group Inc. increased its position in CASI Pharmaceuticals by 32.3% in the 3rd quarter. Goldman Sachs Group Inc. now owns 199,986 shares of the biotechnology company’s stock worth $238,000 after purchasing an additional 48,803 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in CASI Pharmaceuticals in the 3rd quarter worth about $72,000. Renaissance Technologies LLC increased its position in CASI Pharmaceuticals by 4.6% in the 3rd quarter. Renaissance Technologies LLC now owns 1,618,155 shares of the biotechnology company’s stock worth $1,926,000 after purchasing an additional 71,849 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of CASI Pharmaceuticals by 781.2% during the 2nd quarter. Morgan Stanley now owns 43,285 shares of the biotechnology company’s stock valued at $68,000 after acquiring an additional 38,373 shares during the last quarter. 39.51% of the stock is currently owned by institutional investors.

About CASI Pharmaceuticals (Get Rating)

CASI Pharmaceuticals, Inc, a biopharmaceutical company, develops and commercializes therapeutics and pharmaceutical products in 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.

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