StockNews.com Initiates Coverage on CASI Pharmaceuticals

On a recent Tuesday, StockNews.com started reporting on CASI Pharmaceuticals (NASDAQ:CASI), assigning a 'hold' rating to the biotech firm's shares. This new coverage offers investors and clients fresh insights into the company's stock performance.

Analyst Ratings and Price Targets

Another note of interest comes from HC Wainwright which, on November 15th, upgraded their price target for CASI Pharmaceuticals from $10.00 to $12.00, suggesting a 'buy' rating and indicating a potential upside in the stock's value.

Current Market Position of CASI Pharmaceuticals

The NASDAQ-listed company opened at $4.62 on the coverage commencement day. CASI Pharmaceuticals boasts a market cap of $61.82 million along with a PE ratio sitting at -1.53. The stock illustrates a 50-day moving average price of $5.96 coupled with a 200-day moving average of $4.77. Additionally, the company's shares have swung between a 12-month low of $1.60 and a high of $8.48.

Institutional Investments

A section of the market that showcases significant activity is the institutional investors. Notable transactions include Renaissance Technologies LLC's new acquisition valued around $27,000, Citigroup Inc.'s $59,000 stake, and Virtu Financial LLC's 39.6% increased holding now totaling $91,000 in value. Meanwhile, Susquehanna International Group LLP has bolstered their investment by 70.6%, bringing their total ownership to shares worth $100,000. Currently, 14.62% of the company's stock is held by institutional investors and hedge funds.

About CASI Pharmaceuticals

CASI Pharmaceuticals Inc. is an influential biopharmaceutical entity that has its business operations spread out in the People's Republic of China, the United States, and other international markets. The company's key product, EVOMELA, is an intravenous melphalan formulation used for stem cell transplantation conditioning and as symptomatic treatment for multiple myeloma patients.

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