HomeTop MoversWhy did CASI Pharmaceuticals Inc. (CASI) Stock surge in the after-markets on...

Why did CASI Pharmaceuticals Inc. (CASI) Stock surge in the after-markets on Friday?

CASI Pharmaceuticals Inc. (CASI) shares soared 16.88% in after-hours of Friday, November 19, 2021, and closed the weekly trading at $1.09. However, in the regular trading session, CASI’s stock lost 1.43%. CASI shares have fallen 53.60% over the last 12 months, and they have moved down 13.65% in the past week. Over the past three months, the stock has lost 41.35%, while over the past six months, it has plunged 42.79%.

Let’s see what are the latest developments about the company?


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CASI participation in the recent conference

CASI Pharmaceuticals, Inc recently participated virtually at Jefferies London Healthcare Conference, which was held on November 18th & 19th 2021. Mr. Larry Zhang, President of CASI Pharmaceuticals presented the company during the event.

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CASI latest financial results

On November 12, 2021, CASI Pharmaceuticals, Inc. announced its financial results for the third quarter of 2021, which ended on September 30, 2021.

Q3 2021 financial highlights

  • Revenue was $8.1 million for the three months ended September 30, 2021, compared to $4.2 million for the three months ended September 30, 2020.
  • Costs of revenues were $3.4 million for Q3 2021 compared to $1.8 million for Q3 2020.
  • General and administrative expenses were $5.3 million in Q3 2021 same as in Q3 2020.
  • Selling and marketing expenses were $3.4 million, compared with $2.1 in Q3 2020.
  • It suffered a net loss of $10 million in Q3 2021 compared to $16.7 million for the three months ended September 30, 2020.
  • The company ended the third quarter with cash and cash equivalents of $53.1 million compared to $57.1 million as of December 31, 2020.

CASI partner announced positive interim top-line data of anti-FcγRIIB antibody BI-1206

On November 5, 2021, BioInvent International AB which is a partner of CASI Pharmaceuticals, Inc. announced additional positive interim top-line data from its novel anti-FcγRIIB antibody BI-1206.

The company performed Phase 1/2a clinical trial of BI-1206 in combination with rituximab (anti-CD20 monoclonal antibody) treating patients with indolent relapsed or refractory B-cell non-Hodgkin’s lymphoma (NHL). The company is going to present the data in a poster presentation at the 63rd American Society of Hematology Annual Meeting and Exposition (ASH 2021) in December 2021.

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Conclusion

Well, as of this writing there is no recent news or development available which could be linked with its good performance in the after-hours on Friday. there is no detail available about what company presented during the recent conference which held on Friday as well.

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