EntreMed (NASDAQ:CASI)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a report issued on Wednesday. They currently have a $7.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target suggests a potential upside of 10.06% from the company’s previous close.
A number of other research firms have also recently weighed in on CASI. ValuEngine upgraded shares of EntreMed from a “hold” rating to a “buy” rating in a report on Monday. BidaskClub upgraded shares of EntreMed from a “hold” rating to a “buy” rating in a report on Wednesday.
NASDAQ CASI traded up $0.21 during trading on Wednesday, reaching $6.36. 502,161 shares of the company’s stock traded hands, compared to its average volume of 411,440. The company has a market capitalization of $509.71, a price-to-earnings ratio of -35.44 and a beta of 0.90. EntreMed has a 12-month low of $0.91 and a 12-month high of $7.20.
In related news, major shareholder China Growth Fund Idg-Accel II bought 3,086,418 shares of the stock in a transaction that occurred on Wednesday, March 21st. The stock was bought at an average cost of $3.19 per share, for a total transaction of $9,845,673.42. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Wei-Wu He bought 3,086,419 shares of the stock in a transaction that occurred on Monday, March 19th. The stock was bought at an average price of $3.24 per share, with a total value of $9,999,997.56. Following the completion of the purchase, the director now directly owns 847,527 shares in the company, valued at $2,745,987.48. The disclosure for this purchase can be found here. 24.52% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its stake in EntreMed by 33.4% in the 4th quarter. Renaissance Technologies LLC now owns 150,600 shares of the biotechnology company’s stock worth $489,000 after purchasing an additional 37,700 shares in the last quarter. Millennium Management LLC acquired a new stake in EntreMed during the 4th quarter valued at approximately $137,000. Perceptive Advisors LLC purchased a new position in shares of EntreMed during the 4th quarter valued at approximately $272,000. BlackRock Inc. increased its holdings in shares of EntreMed by 32.6% during the 4th quarter. BlackRock Inc. now owns 386,090 shares of the biotechnology company’s stock valued at $1,254,000 after purchasing an additional 94,984 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of EntreMed by 488.7% during the 4th quarter. Geode Capital Management LLC now owns 225,578 shares of the biotechnology company’s stock valued at $733,000 after purchasing an additional 187,263 shares in the last quarter. Institutional investors own 5.11% of the company’s stock.
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EntreMed Company Profile
CASI Pharmaceuticals, Inc, a late-stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of therapeutics addressing cancer and other unmet medical needs in China. Its lead drug candidate is ENMD-2076, an Aurora A/angiogenic kinase inhibitor, which is in multiple Phase II studies in advanced fibrolamellar carcinoma, triple-negative breast cancer, advanced ovarian clear cell carcinomas, and advanced/metastatic soft tissue sarcoma.
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