CASI Pharma CEO He Wei-Wu buys $7.9M in offering, increases his CASI stake by 48%.

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On Friday afternoon, CASI Pharma CEO He Wei-Wu filed a Form 4 disclosing the purchase of nearly $7.9M of CASI stock. The insider bought the shares in a public offering of 20M CASI shares at $1.90. President Larry Zhang also bought 20,153 shares in the secondary offering, his first as a CASI insider.

Rockville, MD-based CASI Pharmaceuticals (CASI) develops and commercializes oncology and anti-inflammatory drugs primarily for the Chinese market. The $250M market cap company has multiple drugs in in its pipeline.

Source: CASI Pharmaceuticals

The 2.97M shares purchased by CASI insiders represents nearly 21% of the secondary offering priced on July 24.

Chairman/CEO He Wei-Wu is CASI’s largest shareholder with a nearly 12.7% stake.

CASI stock made a one year high of $3.82 last Sept. The Covid-19 market selloff hit the shares hard, however. CASI bottomed at $1.15 on March 12.

CASI Pharma CEO He Wei-Wu has been an active buyer of his company’s shares since joining CASI as Chairman in 2012. His latest purchases make him the company’s largest shareholder with about 12.7% of the company’s outstanding shares.

Source: WhaleWisdom.com

CASI has limited analyst coverage, however this Seeking Alpha piece from May was upbeat on the company’s prospects.

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