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CASI Pharmaceuticals, Inc. (CASI) Stock Declining in The Early Trading. Here’s why

CASI Pharmaceuticals, Inc. (CASI) is a leading biopharmaceutical company engaged in the development and commercialization of hematology and oncology-related diseases. The lead pipeline candidates of the company include EVOMELA utilized as conditioning treatment prior to stem cell transplant. CNCT19 for treating acute lymphoblastic leukemia and non-Hodgkin lymphoma. CB-5339 is used for treating myeloid leukemia and myelodysplastic syndrome.

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The price of CASI stock during the early trading on January 18, 2022, was last checked to be $0.68 with a 5.52% decrease.

CASI: Events and Happenings

On January 18, 2022, CASI reported about the grant of Orphan Drug Designation for CNCT19 by the FDA to the company’s partner Juventas Cell Therapy Ltd.  On January 3, 2022, CASI reported the receipt of notification of deficiency by the Listing Qualifications Department of NASDAQ. The company was notified about the closure of its common stock bid price below the minimum requirement of $1.00 per share for 30 consecutive business days.

On December 17, 2021, CASI reported about the approval of the stock repurchase program at the repurchase price of approximately $10 million of its common stock by the BoDs. On December 10, 2021, BioInvent International reported that the Center for Drug Evaluation of China’s medical product supervisor had accepted a Clinical Trial Application submitted by CASI which is BioInvent’s licensee for its novel antibody ‘anti-FcyRIIB’.

On December 10, 2021, CASI reported about the approval of its Clinical Trial Application for BI-1206, a human monoclonal antibody targeting FcγRIIB by the China National Medical Products Administration. The studies are expected to initiate in the first half of 2022.

On November 15, 2021, CASI reported that the company’s president Larry Zhang presented at the Virtual Jefferies London Healthcare Conference held on November 18-19, 2021.

CASI: Key Financials

On November 12, 2021, CASI announced its financial results for the third quarter of 2021. Some of the key updates are as follows.

Revenue

Revenue for Q3 2021 was $8.1 million as compared to $4.2 million for the same period of 2020. Revenue increased by 93% over the year.

Net Loss per Share

Basic and diluted net loss for third-quarter 2021 was $10 million or $0.07 per share as compared to $16.7 million or $0.14 per share for the same period the prior year.

Conclusion

A decline of 45% was observed during the last six months period for CASI stock. The decline in current early trading as suggested by the experts is due to the company’s announcement regarding the grant of orphan drug designation by one of the lead drug candidates of the company. The analysts are expecting that the company’s stock may boom in the future.

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