Thursday's earnings report news has lit a fire under CASI Pharmaceuticals (NASDAQ: CASI) and I don't think it will be put out anytime soon. This looks like the start of a prolonged rally, one that could see this stock trading +400% higher than current levels according to Oppenheimer analyst Leland Gershell that yesterday raised the price target on CASI to $6.00 (from $5.00) while maintaining Outperform rating. From a technical perspective, the stock broke the long-term downtrend line yesterday with some volume if it can stay above this downtrend resistance level, next possible upside resistance may be around the 1.80 level. CASI remains, in my view, undervalued, and based upon recent actions by the company, I think the stock price should head higher. The way to make money in these markets is to find the undervalued stock before the market does. Let's keep an eye on her.
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