Maxim Group Issues a Buy Rating on CASI Pharmaceuticals

By Jason Carr

Maxim Group analyst Jason McCarthy assigned a Buy rating to CASI Pharmaceuticals (NASDAQ: CASI) today and set a price target of $4. The company’s shares opened today at $2.55.

McCarthy observed:

“CASI Pharmaceuticals reported 3Q17 with a net loss of $1.6M and ended the period with $21.6M in cash. The company completed an equity financing in October, raising $23.8M. Combined, we estimate CASI currently has $44M on the balance sheet, sufficient runway into 2020. Our model has been adjusted accordingly. As we had already factored in future capital raises, the net effect is our price target of $4 remains unchanged.”

According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 4.5% and a 38.5% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Stellar Biotechnologies, Inc., ImmunoCellular Therapeutics, and Actinium Pharmaceuticals.

CASI Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $3.

The company has a one-year high of $4.84 and a one-year low of $0.91. Currently, CASI Pharmaceuticals has an average volume of 640.1K.

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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 develops and commercializes the oncology drugs and drug candidates in China, Taiwan, Hong Kong and Macau.