CASI Pharmaceuticals Inc (NASDAQ:CASI) Stock Moves Back Above $1 Mark Following Q3 Earnings

The American biopharmaceutical company CASI Pharmaceuticals Inc (NASDAQ:CASI) is involved in the development of innovative therapies and today, the company’s stock is expected to be in focus among investors.

Market Stats

On Friday, CASI stock increased by 2.86% at $1.08 with more than 1.88 million shares, compared to its average volume of 2.55 million shares. The stock has moved within a range of $1.0400 – 1.0900 after opening trading at $1.04.

Earnings Review

This past Friday the stock had rallied and gone up by as much as 3% after it announced its financial results for the third fiscal quarter of 2021. EVOMELA is one of the company’s key products and CASI noted that the revenues for the third quarter were inclusive of the sales generated from the sale of the product. EVOMELA had been launched back in August of 2019.

In the three month period that ended on September 30, 2021, CASI managed to generate revenues of as much as $8.1 million. That was a significant jump from the revenues of $4.2 million that had been generated by the company in the prior year period.

That reflected a year on year rise in revenues of as much as 93% and that had primarily been a function of the sales generated through EVOMELA. However, at the same time, it should be noted that the cost of revenues for the quarter had jumped to $3.4 million for the third quarter from $1.8 million in the prior year period.

Key Quote

Wei-Wu He, Ph.D., CASI’s Chairman and Chief Executive Officer, commented, “We are pleased to report $8.1 million in EVOMELA® revenues for the quarter. We remain confident in our guidance for our full-year 2021 revenue growth to exceed 2020 revenues by over 80%. This continued growth further demonstrates our 100+ person sales and marketing team’s ability to cover all major hospitals and key multiple myeloma transplant physicians. We look forward to leveraging this success in the anticipated launch of our next product, Juventas’ CNCT-19, which our partner announced has officially entered phase II of a registered clinical trial, and other products.”

Traders Corner

CASI stock is trading below the 20-Day and 50-Day Moving averages of $1.11 and $1.22 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.69. The stock is down 7% in the past 3-month.