Oppenheimer Reiterates Outperform Rating, $6 Price Target on CASI Pharmaceuticals (CASI) Following Company's Q1 Update

Oppenheimer analyst Leland Gershell reiterated an Outperform rating and $6.00 price target on CASI Pharmaceuticals (NASDAQ: CASI), following the company's Q1 report.

The analyst comments: "CASI reported 1Q22 Evomela revenue of $9.0M (+58% Y/Y). Current COVID lockdown situation in Shanghai may pressure Evomela in 2Q, and continued virus spread throughout China may interfere with sales for some time (with potential for complete, but presumably temporary, interruption). We lower our 2Q Evomela estimates to $6.1M (from $10.8M). Registrational data on CNCT19, and CASI's local BI-1206 trial enrollment, may be also impacted depending on the extent and duration of this condition. Despite potential near-term challenges, we see CASI as deeply discounted to its longer-term business prospects."

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 $0.31 yesterday.

By Vlad Schepkov

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