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.
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.
CASI has limited analyst coverage, however this Seeking Alpha piece from May was upbeat on the company’s prospects.
Disclaimer:
This investment blog (the “Blog”) is created and authored by Mark W. Gaffney (the “Content Creator”). The Blog is provided for informational and entertainment purposes only (collectively, the “Blog Service”). The information in the Blog constitutes the Content Creator’s own opinions. None of the information contained in the Blog constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You understand that the Content Creator is not advising, and will not advise you personally concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter. To the extent any of the information contained in the Blog may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.
From time to time, the Content Creator or its affiliates may hold positions or other interests in securities mentioned in the Blog. The Content Creator or affiliates may trade for their own account(s) based on the information presented, and may also take positions inconsistent with the views expressed in its messages on the Blog.
The Content Creator may hold licenses with FINRA, the SEC or states securities authorities. These licenses may or may not be disclosed by the Content Creator in the Blog.
Investing in the investments discussed in the Blog may be risky and speculative. The companies may have limited operating histories, little available public information. The stocks discussed may be volatile and illiquid. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital not required for other purposes, such as retirement savings, student loans, mortgages or education.
