A rise of around $0.41 was recorded by CASI Pharmaceuticals, which was listed on NASDAQ, during the last trading session, an increase equal to 20.60% from the previous closing price. While the minimum price of the CASI stock during the last trading session was $2.02, the day’s high was $2.42.
CASI stock ended the previous session at 2.40 according to data provided by Barchart, while 17.80 million of its shares were traded. CASI stock price spiked after it issued financial results for the year 2020.
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Which factor caused the surge?
Based in the United States, CASI Pharmaceuticals develops and commercializes innovative therapeutics and pharmaceutical products throughout the world. CASI’s research and development program is focused on emerging therapeutic areas of unmet medical needs as well as other hematology-oncology treatment techniques.
CASI Pharmaceuticals provided key highlights for the year ended December 31, 2020, and presented its financial results on Wednesday.
- Sales of EVOMELA, which launched in August 2019, were included in CASI’s revenue of $15.0 million for the year ended 2020 compared to $4.1 million for the year ended December 31, 2019.
- Due to an increase in acquisitions of additional targeted drugs and activities in Research and Development, the net loss in 2020 was $47.5 million compared to $45.4 million in 2019.
CASI focuses on:
CASI’s efforts extend to driving commercial preparation for the drug filing in China in addition to developing the new medicine. Because the Greater China market offers relatively lower costs of goods than the US market and a faster approval, the filing has a higher probability of success. CASI remains confident it can hit its targets regardless of the challenges presented by the pandemic, particularly in the areas of strategic growth and tactical business development.