Oppenheimer Starts CASI Pharmaceuticals (CASI) at Outperform

Oppenheimer analyst Leland Gershell initiates coverage on CASI Pharmaceuticals (NASDAQ: CASI) with a Outperform rating and a price target of $5.00.

The analyst comments "We are favorable on US-based CASI Pharmaceuticals as it advances and expands, through strategic in-licensing/acquisition, a portfolio of marketed and development-stage prescription drugs for the Chinese oncology market. We expect recent broad-based regulatory reforms as well as rising demand for pharmaceutical quality to facilitate this strategy. China's approval of first product Evomela (multiple myeloma) validates the company's geographic approach and provides initial growing product revenue. CASI is positioned to market the first domestically developed CD19 CAR-T therapy (B-cell malignancies) in China by 2023, which should confer pricing/economic advantages vs. competitors. Next year we should see potential best-in-class anti-CD38 mAb (myeloma), for which CASI has worldwide rights, enter the clinic. We initiate coverage with an Outperform rating and a $5 price target ahead of 2021 newsflow."

For an analyst ratings summary and ratings history on CASI Pharmaceuticals click here. For more ratings news on CASI Pharmaceuticals click here.

Shares of CASI Pharmaceuticals closed at $1.60 yesterday.

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