Oppenheimer Assigns a Buy Rating on CASI Pharmaceuticals (CASI)

Oppenheimer analyst Leland Gershell assigned a Buy rating to CASI Pharmaceuticals (CASIResearch Report) today and set a price target of $5.00. The company’s shares closed last Thursday at $1.72, close to its 52-week low of $1.32.

According to TipRanks.com, Gershell is a 4-star analyst with an average return of 8.6% and a 42.7% success rate. Gershell covers the Healthcare sector, focusing on stocks such as Milestone Pharmaceuticals, BioMarin Pharmaceutical, and Corbus Pharmaceuticals.

Currently, the analyst consensus on CASI Pharmaceuticals is a Strong Buy with an average price target of $4.20, representing a 142.8% upside. In a report released today, Mizuho Securities also maintained a Buy rating on the stock with a $3.80 price target.

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Based on CASI Pharmaceuticals’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $5.74 million and GAAP net loss of $13.88 million. In comparison, last year the company earned revenue of $3.41 million and had a GAAP net loss of $8.44 million.

Based on the recent corporate insider activity of 6 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.

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CASI Pharmaceuticals, Inc. is a biopharmaceutical company, which is focused on the acquisition, development and commercialization of therapeutics addressing cancer and other unmet medical needs. The company develops and commercializes the oncology drugs and drug candidates in China, Taiwan, Hong Kong and Macau. Its products include ZEVALIN, EVOMELA and MARQIBO. CASI Pharmaceuticals was founded in 1991 and is headquartered in Rockville, MD.