Adlai Nortye (NASDAQ:ANL) Sees Large Volume Increase – Here’s Why

Shares of Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL) saw unusually-high trading volume on Thursday. 622,510 shares were traded during trading, an increase of 71% from the previous session’s volume of 363,053 shares. The stock last traded at $14.3780 and had previously closed at $14.05.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ANL. Jefferies Financial Group upgraded Adlai Nortye to a “strong-buy” rating in a research report on Monday. HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Adlai Nortye in a research note on Tuesday, September 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Adlai Nortye in a report on Tuesday, July 14th. Wall Street Zen raised Adlai Nortye from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Finally, Cantor Fitzgerald began coverage on shares of Adlai Nortye in a research note on Monday, June 22nd. They issued an “overweight” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.50.

Adlai Nortye Stock Up 2.7%

The firm has a fifty day moving average price of $14.46 and a two-hundred day moving average price of $12.45.

Insiders Place Their Bets

In other news, Director Ping Ji sold 10,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $15.99, for a total transaction of $159,900.00. Following the completion of the sale, the director directly owned 121,453 shares of the company’s stock, valued at approximately $1,942,033.47. The trade was a 7.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Xiaofeng Ye sold 5,667 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $14.25, for a total transaction of $80,754.75. Following the completion of the transaction, the chief financial officer owned 147,757 shares in the company, valued at approximately $2,105,537.25. The trade was a 3.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 26,881 shares of company stock worth $411,060.

Institutional Investors Weigh In On Adlai Nortye

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANL. Seven Fleet Capital Management LP purchased a new stake in Adlai Nortye in the 2nd quarter valued at about $1,302,000. Braidwell LP purchased a new position in shares of Adlai Nortye during the second quarter worth approximately $9,145,000. Boone Capital Management LLC bought a new stake in shares of Adlai Nortye during the second quarter valued at approximately $2,971,000. ADAR1 Capital Management LLC bought a new stake in shares of Adlai Nortye during the first quarter valued at approximately $816,000. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Adlai Nortye in the first quarter valued at approximately $1,140,000. Institutional investors own 35.21% of the company’s stock.

Adlai Nortye Company Profile

Adlai Nortye Ltd. (NASDAQ: ANL) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research and development programs are centered on immuno-oncology and targeted therapies intended to address unmet medical needs.

Adlai Nortye’s pipeline has included buparlisib, an oral pan-PI3K inhibitor being studied in oncology, as well as AN0025, an investigational EP4 antagonist designed to affect pathways involved in tumor growth and immune response.