It’s a very rewarding trading day for investors in CASI Pharmaceuticals Inc (NASDAQ:CASI) with shares up over 50%, making the stock Wall Street’s bull of the day. The reason? Shares are skyrocketing after a new SEC filing revealed that CASI chairman Wei-Wu He purchased 200,000 shares of CASI stock in transactions occurred on October 5 and 6. The shares were purchased at an average cost of $1.83 per share, with a total value of $366,000. Following the transaction, the chairman now directly owns 747,527 shares of the company’s stock.
It’s not the first time that He sent CASI investors racing to buy shares. Just a month ago, He acquired 315,327 CASI shares at an average cost of $1.35 per share, sending shares up 25% on September 18.
Dr. He has been a Director of the Company and was appointed Executive Chairman in February 2012. He is currently the CEO and Chairman of OriGene Technologies, Inc. He also is the founder and General Partner of Emerging Technology Partners, LLC (ETP), a life sciences focused venture fund established since 2000. He has been involved in founding or funding over 20 biotech companies throughout his career, some of which went on to be acquired by significantly larger firms.
On the ratings front, CASI stock has been the subject of a number of recent research reports. In a report issued on September 8, H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on CASI, with a price target of $2.00, which reflects a potential downside of 21% from last closing price. Separately, on the same day, Maxim’s Gabrielle Zhou assigned a Buy rating to the stock and has a price target of $4.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Swayampakula Ramakanth and Gabrielle Zhou have a yearly average loss of 1.8% and a return of 41.7% respectively. Ramakanth has a success rate of 37% and is ranked #4083 out of 4696 analysts, while Zhou has a success rate of 66% and is ranked #127.
CASI Pharmaceuticals 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. The drugs are Captisol-Enabled, ZEVALIN and MARQIBO.