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Is CASI Pharmaceuticals Inc (CASI) A Good Stock To Buy?

The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30th. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards CASI Pharmaceuticals Inc (NASDAQ:CASI).

Is CASI Pharmaceuticals Inc (NASDAQ:CASI) a buy, sell, or hold? Hedge funds are in a bullish mood. The number of bullish hedge fund positions rose by 2 recently. At the end of this article we will also compare CASI to other stocks including Arc Group World Wide Inc (NASDAQ:ARCW), CAS Medical Systems Inc (NASDAQ:CASM), and Goodrich Petroleum Corporation (NYSE:GDP) to get a better sense of its popularity.

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To the average investor there are many metrics shareholders employ to value their stock investments. A pair of the most under-the-radar metrics are hedge fund and insider trading indicators. Our researchers have shown that, historically, those who follow the best picks of the best fund managers can outperform the S&P 500 by a superb margin (see the details here).

Now, let’s view the key action surrounding CASI Pharmaceuticals Inc (NASDAQ:CASI).

What does the smart money think about CASI Pharmaceuticals Inc (NASDAQ:CASI)?

At the end of the third quarter, a total of 4 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 100% from one quarter earlier. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were increasing their holdings significantly (or already accumulated large positions).

According to publicly available hedge fund holdings data compiled by Insider Monkey, Sabby Capital, managed by Hal Mintz, holds the most valuable position in CASI Pharmaceuticals Inc (NASDAQ:CASI). Sabby Capital has a $0.2 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second most bullish hedge fund manager is Renaissance Technologies, managed by Jim Simons, which held a $0 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Other peers that hold long positions encompass Israel Englander’s Millennium Management, Mark Broach’s Manatuck Hill Partners and .

As one would reasonably expect, key money managers were breaking ground themselves. Millennium Management, managed by Israel Englander, initiated the most valuable position in CASI Pharmaceuticals Inc (NASDAQ:CASI). Millennium Management had $0 million invested in the company at the end of the quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as CASI Pharmaceuticals Inc (NASDAQ:CASI) but similarly valued. We will take a look at Arc Group World Wide Inc (NASDAQ:ARCW), CAS Medical Systems Inc (NASDAQ:CASM), Goodrich Petroleum Corporation (NYSE:GDP), and Discovery Laboratories, Inc. (NASDAQ:DSCO). This group of stocks’ market valuations match CASI’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ARCW 4 2014 -2
CASM 6 7762 0
GDP 9 2540 -1
DSCO 9 13283 1

As you can see these stocks had an average of 7 hedge funds with bullish positions and the average amount invested in these stocks was $6 million.That figure was less than a million dollars in CASI’s case. Goodrich Petroleum Corporation (NYSE:GDP) is the most popular stock in this table. On the other hand Arc Group World Wide Inc (NASDAQ:ARCW) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks CASI Pharmaceuticals Inc (NASDAQ:CASI) is even less popular than ARCW. Considering that hedge funds aren’t fond of this stock, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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