Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Sees Large Decline in Short Interest

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a large drop in short interest in January. As of January 15th, there was short interest totaling 16,394 shares, a drop of 31.1% from the December 31st total of 23,778 shares. Currently, 0.0% of the company’s shares are short sold. Based on an average daily volume of 53,969 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily volume of 53,969 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.0% of the company’s shares are short sold.

Analyst Ratings Changes

Several research firms have recently weighed in on ADAG. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research report on Wednesday, January 21st. Guggenheim started coverage on Adagene in a report on Monday, November 24th. They set a “buy” rating and a $9.00 price target on the stock. Finally, Lifesci Capital upgraded Adagene to a “strong-buy” rating in a research report on Friday, November 14th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $7.67.

Adagene Stock Performance

Shares of NASDAQ ADAG opened at $2.75 on Friday. Adagene has a one year low of $1.30 and a one year high of $3.16. The business’s 50-day moving average price is $1.95 and its two-hundred day moving average price is $1.96.

Institutional Trading of Adagene

A number of institutional investors have recently added to or reduced their stakes in ADAG. Marex Group plc acquired a new position in shares of Adagene during the 2nd quarter worth $47,000. Citadel Advisors LLC bought a new stake in Adagene in the third quarter worth $80,000. Finally, Gordian Capital Singapore Pte Ltd increased its position in Adagene by 101.4% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after buying an additional 24,342 shares during the last quarter. 9.51% of the stock is currently owned by institutional investors and hedge funds.

Adagene Company Profile

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.