CASI Pharmaceuticals Inc (NASDAQ:CASI) up 35% in premarket after reporting Q2 2021 financial results in which the company realized $7.1 million in EVOMELA revenues. Analysts had predicted that the company would post a 130.3% YoY revenue increase to $6.15 million with a loss per share of $0.09 during the quarter.
CEO Wei-Wu He stated that they are revising full-year 2021 revenue guidance based on the current trend, which is expected to grow 80% YoY. In addition, Wei-Wu said that CASI is delighted with EVOMELA commercial franchise execution, which has extended to more than 100 FTEs on marketing and commercial teams.
Besides the continued EVOMELA revenue growth, the company doses the first CID-103 patient in Phase I clinical study for refractory or relapsed multiple myeloma. In previous studies, CID-103 had demonstrated encouraging preclinical efficacy, enhanced antibody-reliant cellular cytotoxicity action over other existing anti-CD38 MAbs, and favorable preclinical safety. So, as CASI continues advancing its different pipeline, it is worth watching in the coming days.
Market Reaction:
On Friday, CASI stock jumped 5% at $1.29 with more than 2.77 million shares, compared to its average volume of 860K shares. The stock has moved within a range of $1.2300 – 1.3199 after opening the trade at $1.23.
