CASI Pharmaceuticals, Inc. (CASI) stock was rising in the premarket trading session today on January 18, 2022. The CASI stock price saw a push of 2.39% to reach $0.74 a share at the time of this writing. The stock was declining in the previous trade and went down by 5.79% at closing. Let’s take a closer look to understand the reason behind this bull.
What’s Happening?
CASI stock became bullish after the company reported that the U.S Food and Drug Designation has granted Orphan Drug Designation (ODD) to its partner Juventas Cell Therapy Ltd. The grant is for CNCT19, which is CD-19 directed CAR-T therapy to treat patients suffering from Acute Lymphoblastic Leukemia (ALL).
Juventas is currently developing CNCT19 independently in order to meet the needs of patients suffering from hematologic malignancies across the globe. Previously in November 2019, the National Medical Products Administration granted the CTA approval to the Juventas for two indications. The company is evaluating the CNCT19 in Phase II clinical trials. The clinical data previously presented in the December 2021 ASH annual meeting reflected the good tolerance and safety profile for this product.
Previous News of CASI stock
CASI in the first week of January received a deficiency notice from the Nasdaq Stock Market’s Listing Qualification Department. The company received the notice after the CASI stock had closed below the minimum requirement of $1 per share for the consecutive 30 business days. However, the deficiency letter had no immediate effect on the listing of CASI common stock. CASI has now got a period of 180 days to regain compliance with the Bid Price Rule, in accordance with the Nasdaq Listing Rule 5810(c)(3)(A). The company will get written notification of its compliance if the CASI stock closes above $1 for ten consecutive days.
CASI Stock Repurchase Program
On December 17, 2021, the company reported that its board of directors had approved the stock repurchase program under which the company will repurchase the USD 10 million shares of its common stock. The company doesn’t need to acquire any specific no of shares in the specific period under this stock repurchase program. The company can extend, discontinue, or modify the program at any time.
Wrap Up
Investors responded positively to the recent announcement by the CASI. The performance in the last six months is not so much attractive as this stock lost 44.83% in this period.
