Adagio Medical (NASDAQ:ADGM) Stock Set to Reverse Split on Monday, November 9th

Adagio Medical Holdings, Inc. (NASDAQ:ADGM) shares are set to reverse split before the market opens on Monday, November 9th. The 1-30 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, November 8th.

Adagio Medical Price Performance

Shares of NASDAQ:ADGM traded up $0.00 during trading on Friday, hitting $0.06. 1,200,719 shares of the stock were exchanged, compared to its average volume of 3,006,289. The company has a fifty day moving average price of $0.27 and a two-hundred day moving average price of $0.73. The company has a market cap of $1.78 million, a PE ratio of -0.04 and a beta of 0.07. The company has a current ratio of 1.41, a quick ratio of 1.15 and a debt-to-equity ratio of 4.00. Adagio Medical has a 12-month low of $0.05 and a 12-month high of $1.69.

Adagio Medical (NASDAQ:ADGM) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). On average, analysts forecast that Adagio Medical will post -1.25 EPS for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Adagio Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Adagio Medical has an average rating of “Hold” and an average price target of $3.50.

Institutional Trading of Adagio Medical

An institutional investor recently bought a new position in Adagio Medical stock. ADAR1 Capital Management LLC acquired a new stake in Adagio Medical Holdings, Inc. (NASDAQ:ADGM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,205,447 shares of the company’s stock, valued at approximately $785,000. ADAR1 Capital Management LLC owned 5.43% of Adagio Medical at the end of the most recent reporting period. 48.08% of the stock is owned by hedge funds and other institutional investors.

About Adagio Medical

Adagio Medical, Inc is a medical technology company focused on developing catheter-based treatments for cardiac arrhythmias, including atrial fibrillation. The company’s technology is designed to create continuous, transmural lesions in cardiac tissue to isolate abnormal electrical signals and help restore a normal heart rhythm.

Its lead platform is the Intelligent Continuous Lesion Ablation System (iCLAS), an ultra-low-temperature cryoablation system intended to treat atrial fibrillation and other heart rhythm disorders.