CASI Pharmaceuticals Receives a Buy from H.C. Wainwright

By Austin Angelo

H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on CASI Pharmaceuticals (NASDAQ: CASI) today. The company’s shares opened today at $1.70, close to its 52-week high of $1.74.

According to TipRanks.com, Ramakanth is ranked 0 out of 5 stars with an average return of -18.5% and a 28.9% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as X T L Biopharmaceuticals Ltd (ADR), Spectrum Pharmaceuticals, and IntelGenx Technologies.

Currently, the analyst consensus on CASI Pharmaceuticals is Moderate Buy and the average price target is $4, representing a 135.3% upside.

In a report issued on November 14, Maxim Group also reiterated a Buy rating on the stock with a $4 price target.

Based on CASI Pharmaceuticals’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $0 and GAAP net loss of $1.69 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $1.6 million.

Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CASI in relation to earlier this year. Last month, Wei-Wu He, a Director at CASI bought 1,871,605 shares for a total of $2,227,210.

CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on the acquisition, development and commercialization of therapeutics addressing cancer and other unmet medical needs with commercial focus on the China market. The Company operates through one business segment, which is the development of targeted therapeutics primarily for the treatment of cancer. The company develops and commercializes the oncology drugs and drug candidates in China, Taiwan, Hong Kong and Macau. The drugs are Captisol-Enabled, ZEVALIN and MARQIBO. CASI Pharmaceuticals was founded in 1991 and is headquartered in Rockville, MD.