Exploring CASI Pharmaceuticals, Inc. (CASI) Investor Profile: Who’s Buying and Why?

You're looking at CASI Pharmaceuticals, Inc. and wondering why institutional money is still buying into a story with so much near-term risk. Honestly, the Q3 2025 financials paint a tough picture: revenue plummeted a staggering 60% year-over-year to just $3.1 million, and the net loss widened to $10.9 million. Still, with cash and cash equivalents at only $4.7 million as of September 30, 2025, and a pending appeal against a Nasdaq delisting determination, the stock looks like a high-wire act. But here's the quick math: while the stock is down, institutions still hold about 22.23% of the shares, with Foresite Capital Management VI LLC being a top holder at a reported $1.63 million position. So, what are these seasoned funds seeing that the market is missing, or are they simply doubling down on the long-shot potential of the CID-103 anti-CD38 monoclonal antibody program? The answer defintely lies in separating the clinical-stage upside from the immediate commercial and liquidity challenges.

Who Invests in CASI Pharmaceuticals, Inc. (CASI) and Why?

You're looking at CASI Pharmaceuticals, Inc. (CASI) and trying to figure out who's buying and what their game plan is. The direct takeaway is that CASI's investor base is heavily skewed toward institutional and insider money, with a clear focus on the high-risk, high-reward bet on their clinical pipeline, specifically the anti-CD38 monoclonal antibody, CID-103.

This isn't a stock for dividend hunters; it's a pure-play biotech gamble. The company's financial picture, with a net loss of $10.9 million in the third quarter of 2025 and cash reserves of just $4.7 million as of September 30, 2025, tells you the story isn't about current earnings. It's defintely about future catalysts.

Key Investor Types: Institutional vs. Retail

The ownership structure of CASI Pharmaceuticals, Inc. is dominated by professional money managers and corporate insiders. Institutional investors, which include hedge funds, mutual funds, and large asset managers, hold a significant piece of the company. Their collective ownership stands at roughly 22.23% of the stock. This means that nearly a quarter of the company's shares are held by sophisticated entities, not the average person trading on their phone.

The remaining float is held by retail investors and corporate insiders. Insider ownership is also notable, sitting at approximately 12.38% of the total shares outstanding. When insiders hold a large stake, it can signal management's belief in the long-term vision, but in a small-cap biotech, it also means a large portion of the stock is illiquid. Here's a quick breakdown of the major holders based on recent 2025 filings:

Investment Motivations: The Pipeline Catalyst

Investors are attracted to CASI Pharmaceuticals, Inc. not for its current revenue-which was only $3.1 million in Q3 2025, a 60% drop year-over-year-but for the potential of its clinical pipeline. The entire investment thesis hinges on the success of a few key assets, particularly CID-103, which is being developed as an anti-CD38 monoclonal antibody for organ transplant rejection and autoimmune diseases.

The August 2025 news of FDA clearance for a transplant drug program, coupled with the July 2025 leadership change to a new CEO focused on CID-103, created a significant catalyst for the stock. This is the classic biotech growth play: buy low before a major clinical or regulatory milestone hits. The market is betting on the value of CID-103, which is a potential best-in-class candidate, far outweighing the company's current market capitalization of around $16.42 million.

The core motivations break down like this:

• Betting on CID-103's clinical success in renal allograft antibody mediated rejection (AMR).
• Anticipating a successful regulatory path and commercialization in the US and China.
• Speculating on the long-term value of the entire immuno-oncology and immunology portfolio.

You can see the full strategic focus in their official documents: Mission Statement, Vision, & Core Values of CASI Pharmaceuticals, Inc. (CASI).

Investment Strategies: Speculation and Shorting

Given the low market capitalization and the binary nature of clinical-stage biotech, the investment strategies are highly polarized. We see two main camps: the long-term speculative growth investors and the short-term traders.

The long-term players are essentially value investors who have done their deep-dive due diligence on the science. They see the consensus analyst price target of $4.00-a potential upside of over 230% from the current price of $1.21-as a reasonable return if CID-103 hits its milestones. They are buying and holding, accepting high volatility.

On the flip side, short-term traders are very active. The high short-sale ratio, which was 12.04% as of November 14, 2025, signals a substantial number of investors are betting against the stock, expecting a drop. Here's the quick math: if the trial data disappoints or the company needs another dilutive financing round due to its low cash balance, the stock plummets. This creates a volatile environment ripe for short-term speculation and momentum trading.

Your action item is clear: if you are a long-term investor, your conviction must be in the CID-103 data; if you are a trader, watch the short interest and clinical news for volatility spikes.

Institutional Ownership and Major Shareholders of CASI Pharmaceuticals, Inc. (CASI)

You want to know who is betting on CASI Pharmaceuticals, Inc. (CASI) right now, and frankly, the institutional picture is a mixed bag that demands attention. As of the most recent filings near November 2025, institutional investors hold approximately 22.23% of the company's stock, which is a significant block, but the trend shows a clear cooling-off period.

The total institutional shares (long) stand at about 2,254,727 shares across 31 different institutional owners. This ownership percentage is relatively low for a publicly traded biotech, which tells you that a large portion of the float is still in the hands of individual or retail investors, making the stock more prone to volatility. Small-cap biotech stocks are defintely a different animal.

Top Institutional Investors and Their Holdings

The largest institutional holders are primarily hedge funds and specialized asset managers, not the typical mega-funds you might expect. These investors are often looking for a high-risk, high-reward clinical catalyst, given CASI Pharmaceuticals, Inc.'s focus on its pipeline, particularly CID-103.

The table below highlights the top institutional investors and their reported holdings, based on the latest 13F filings. Note that these values are based on the latest reported quarter, which in this case is Q3 2025 data or the closest available filing date.

Foresite Capital Management VI LLC is a key player here, holding the largest dollar value position at approximately $1.63 million. This kind of focused, specialized investment suggests a belief in the long-term potential of the clinical pipeline, even amidst near-term financial pressure.

Changes in Ownership: The Near-Term Risk Signal

The recent activity of these institutional investors is where you find the near-term risk. Overall, the total number of institutional shares (long) actually decreased by 18.43% in the most recent quarter-over-quarter comparison. This is a strong signal of institutional flight, which often precedes or accompanies stock price weakness.

However, the selling isn't universal. You see a few funds increasing their stakes, which suggests a divergence in strategy.

• Woodline Partners LP increased its position by 64.9% in Q1 2025, adding 64,675 shares.
• Foresite Capital Management VI LLC decreased its position by 40.79% (a decrease of 542.26k shares) as of Q2 2025.
• Wellington Shields Capital Management LLC decreased its stake by 23.46% in Q3 2025.

When the big holders start cutting their exposure by over 40%, it's a massive red flag. The net institutional selling indicates that for every fund buying the dip or taking a new position, several others are heading for the exit. This selling pressure has contributed to the stock's significant decline of 76.03% from November 2024 to November 2025.

Impact of Institutional Investors on CASI Pharmaceuticals, Inc.'s Strategy

In a small-cap biotech like CASI Pharmaceuticals, Inc., institutional investors play two critical roles: providing necessary capital and acting as a check on management's strategic direction. Right now, their influence is most evident in the company's intense focus on its core clinical asset, CID-103, for indications like Antibody-Mediated Rejection (AMR) and Immune Thrombocytopenia (ITP).

The company is facing significant headwinds, including a Nasdaq delisting determination, which it is appealing, and a sharp drop in revenue. For the third quarter of 2025, CASI Pharmaceuticals, Inc. reported revenues of only $3.1 million, a 60% decrease year-over-year, and a net loss of $10.9 million. The institutional selling reflects their reaction to this financial instability and the regulatory risk of delisting.

Their continued, albeit reduced, presence is a vote of confidence in the CID-103 program, which is advancing with an FDA-cleared Investigational New Drug (IND) application for AMR and a Phase 1 ITP study reaching a 900 mg dose. These investors are essentially saying: 'We'll stick around for the clinical data, but the financial execution needs a massive overhaul.' The announced target to complete the divestiture of the China business by Q2 2026 is a direct strategic move to simplify the corporate structure, which is often a demand from institutional activists seeking a clearer path to profitability or a pure-play clinical focus. You can read more about the company's direction here: Mission Statement, Vision, & Core Values of CASI Pharmaceuticals, Inc. (CASI).

Next Step: Track the Q4 2025 13F filings in early 2026 to see if the net institutional selling trend reversed following the Q3 2025 earnings release and the Nasdaq delisting appeal.

Key Investors and Their Impact on CASI Pharmaceuticals, Inc.

You're looking at CASI Pharmaceuticals, Inc. (CASI) and trying to figure out who's really driving the bus, and honestly, the ownership structure is a bit unusual for a typical small-cap biotech. The direct takeaway is that the company is heavily influenced by a few strategic and long-term holders, which overshadows the more fluid institutional money.

As of late 2025, institutional ownership-the money managed by funds like mutual funds and hedge funds-sits at about 22.23% of the float. That's not a huge slice, but it's enough to matter. These institutions hold a total of 2,627,715 shares. The real story, though, is in the strategic and insider holdings, which can make the stock less responsive to typical Wall Street sentiment.

The Strategic Giants and Institutional Players

The most notable investors aren't just funds; they are large entities with a strategic interest, often tied to the company's history or its product pipeline. For instance, the data shows Celgene Corp as a massive holder, owning 23,750,000 shares, which is a strategic position tied to their prior collaboration or asset transfer. That's a huge anchor. Plus, you have other significant strategic holders like Spectrum Pharmaceuticals Inc. with 10,047,675 shares.

On the purely institutional side, the largest holders are more tactical. They are looking for a turnaround or a clinical catalyst. The top institutional players, based on recent filings, include:

• VR Adviser, LLC: Holding approximately 987,259 shares (6.37% ownership).
• Wealth Strategy Holding Ltd: Holding approximately 908,788 shares (5.87% ownership).
• Foresite Capital Management VI LLC: With a position valued at about $1.63 million.
• IDG-Accel China Growth Fund 3: Holding approximately 855,222 shares (5.52% ownership).

These institutional players are mostly funds specializing in healthcare or small-cap growth, looking for a return on CASI's core clinical asset, CID-103, which is focused on organ transplant rejection and autoimmune diseases. It's a high-risk, high-reward play.

Investor Influence: Why These Holders Matter

The influence of these investors is twofold. The large strategic holders, like Celgene Corp, act as long-term stability points. Their massive, often illiquid, positions mean they are less likely to sell quickly, which can dampen volatility. They're in for the long haul on the underlying science or the China market potential, even as CASI targets the divestiture of its China business by the second quarter of 2026.

The institutional investors, on the other hand, provide a crucial source of capital and market validation. Their buying and selling activity directly impacts the stock's near-term price momentum, especially given the company's cash position. As of September 30, 2025, CASI's cash and cash equivalents stood at only $4.7 million, down from $13.5 million at the end of 2024. Their continued involvement is essential for investor confidence, especially when the company is appealing a Nasdaq delisting determination.

Here's the quick math: with Q3 2025 revenue at just $3.1 million and a net loss of $10.9 million, the company relies heavily on its ability to raise capital.

Recent Moves: Selling Pressure and Capital Raises

Recent investor moves show a clear pattern of capital-raising and some institutional de-risking. The company raised approximately $5.7 million (after commissions) through an at-the-market (ATM) facility during the third quarter of 2025. This ATM is a common way for small biotechs to fund operations, but it also means constant share dilution. Dilution is defintely a headwind for the stock price.

On the selling side, institutional investors have collectively sold a total of 595,087 shares over the last two years. This isn't a massive exodus, but it shows some funds are taking profits or reducing exposure due to the lack of near-term catalysts or the high operational burn rate. Foresite Capital Management VI LLC, for example, was a notable seller, reducing its position by about $542.26K.

You need to watch the 13F filings closely for these key institutional names. If you see a major fund like Renaissance Technologies LLC, which held a position valued at $224K, significantly increase their stake, it could signal a belief in the upcoming clinical milestones, such as the CID-103 Phase 1 study in renal allograft antibody-mediated rejection (AMR).

For a deeper dive into the financials that drive these investor decisions, you should check out Breaking Down CASI Pharmaceuticals, Inc. (CASI) Financial Health: Key Insights for Investors.

What this estimate hides is the true cost of the ATM financing and the ongoing risk from the Nasdaq compliance issue, which could spook smaller investors much more than the strategic giants.

Finance: Track the next 13F filings from VR Adviser, LLC and Foresite to see if the institutional selling trend continues post-Q3 2025 results.

Market Impact and Investor Sentiment

You're looking at CASI Pharmaceuticals, Inc. (CASI) and trying to figure out if the big money is buying or running, which is defintely the right question to ask for a clinical-stage biotech. The short answer is that institutional sentiment is currently bearish, driven by financial stress, but there are pockets of optimism tied to clinical progress and key leadership changes. The market has been brutal: the stock price has plummeted by a staggering 76.36% between November 2024 and November 2025, trading at around $1.26 per share as of mid-November 2025.

This massive decline maps directly to the company's financial results and a major near-term risk. CASI reported a Q3 2025 revenue of only $3.1 million, a 60% decrease year-over-year, which caused a spike in negative sentiment. This revenue drop, coupled with a net loss increase to $10.9 million in Q3 2025, led to a Nasdaq delisting determination, which the company is currently appealing. That's a huge red flag, but still, the underlying clinical pipeline is what keeps some investors interested.

Who's Buying and Who's Selling?

Institutional ownership-the percentage of shares held by financial institutions like mutual funds and pension funds-sits at about 22.23% of CASI's stock. This is a low figure for a mature company, but typical for a volatile biotech. The institutional picture is mixed, which is why the stock volatility is so high. You have major players making moves, but the overall 'Fund Sentiment Score' (a measure of institutional accumulation) is low, indicating more selling pressure than buying momentum among funds.

Here's a quick look at some of the key institutional holders and the total shares they hold as of recent filings:

• VR Adviser, LLC: One of the largest holders.
• Foresite Capital Management VI LLC: Holds a large position, valued at $1.63 million recently, but has also been a significant seller.
• Bank of America Corp DE: A notable institutional holder.
• Woodline Partners LP: Another significant investor with holdings valued around $355K.

Interestingly, despite the bearish market sentiment, insider activity shows a positive signal. Over the last year, insiders have purchased a net of $34.7 million worth of CASI Pharmaceuticals stock in high-impact open-market transactions, suggesting a strong belief in the long-term value from those closest to the company.

Market Reactions to Key Events

The market's reaction to news at CASI Pharmaceuticals, Inc. has been swift and dramatic, which is typical for a clinical-stage company where the stock price is a direct function of future expectations. For example, in August 2025, the stock trended up by a massive 63.57% following the announcement of David Cory as the new CEO. This shows that the market is willing to reward strategic shifts and new leadership, even when the financials are weak.

Conversely, the stock took a 43% pounding in September 2025 as the market fully digested the forecast for sliding revenue. The fundamental risk is clear: the company's cash and cash equivalents stood at only $4.7 million as of September 30, 2025, which means they are highly dependent on clinical success and further financing. You can read more about the company's core business model and history here: CASI Pharmaceuticals, Inc. (CASI): History, Ownership, Mission, How It Works & Makes Money.

Analyst Perspectives on Investor Impact

The analyst community is split, reflecting the high-risk, high-reward nature of CASI's pipeline, specifically its anti-CD38 monoclonal antibody, CID-103. The key investors-especially the venture capital funds like Foresite Capital-are essentially betting on the success of the CID-103 program for renal allograft antibody-mediated rejection (AMR) and immune thrombocytopenia (ITP).

Here's the quick math on analyst forecasts for the 2025 fiscal year:

One analyst maintains a 'Buy' rating with a 1-year price target of $4.00, suggesting a potential upside of over 217% from the current price. This bullish view is predicated on the successful advancement of CID-103. But, to be fair, another recent rating is a 'Sell' with a $1.50 target, reflecting the deep financial challenges and the high leverage. What this estimate hides is the massive execution risk; if the clinical trials for CID-103 hit a snag, or if the Nasdaq appeal fails, all bets are off. The smart money is watching the clinical data releases-like the ASH 2025 poster presentation scheduled for December 7, 2025-not just the quarterly financials.