CASI Pharmaceuticals Inc (NASDAQ:CASI) Stock Moves Up Suddenly: A Bullish Sign?

The biopharmaceutical company CASI Pharmaceuticals Inc (NASDAQ: CASI) stock was on the radars of many investors this past Friday and ended the day with gains of as much as 13% amidst heavy action.

The company, which is involved in the development of the development and commercialisation of novel pharmaceutical products and therapies, announced its financial results for the second fiscal quarter of 2021 on Thursday. In the second quarter that ended on June 30 this year, the company managed to bring in revenues to the tune of as much as $7.1 million. In the same period in 2020, CASI had managed to generate revenues of only $2.6 million.

In this context, it is also necessary to point out that the revenues also include whatever the company generated from the sales of its product EVOMELA. It had been launched by CASI back in August of 2019. On the other hand, the cost of generating the revenues came in at $2.9 million and that was higher than then $2.5 million in terms of cost of revenues in the prior year period. The general and administration expenses in the second quarter stood at $5.4 million and that was higher than the $4.1 million in the same metric in the second quarter of 2020.