Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Sees Significant Growth in Short Interest

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a large increase in short interest in the month of March. As of March 13th, there was short interest totaling 74,016 shares, an increase of 44.6% from the February 26th total of 51,190 shares. Currently, 0.2% of the shares of the stock are sold short. Based on an average trading volume of 344,807 shares, the short-interest ratio is presently 0.2 days.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research note on Wednesday, January 21st. Wall Street Zen upgraded Adagene to a “hold” rating in a research report on Saturday, March 21st. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $7.67.

Institutional Trading of Adagene

A number of large investors have recently added to or reduced their stakes in the business. Exome Asset Management LLC bought a new position in shares of Adagene in the fourth quarter valued at $2,004,000. Fifth Lane Capital LP boosted its stake in shares of Adagene by 427.3% during the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock worth $274,000 after acquiring an additional 117,500 shares in the last quarter. Gordian Capital Singapore Pte Ltd grew its holdings in shares of Adagene by 101.4% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after acquiring an additional 24,342 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of Adagene during the third quarter worth $80,000. Finally, SmartHarvest Portfolios LLC acquired a new stake in shares of Adagene during the fourth quarter worth $73,000. 9.51% of the stock is currently owned by institutional investors.

Adagene Stock Performance

NASDAQ:ADAG opened at $3.77 on Monday. The company has a 50-day moving average of $3.10 and a 200-day moving average of $2.30. Adagene has a twelve month low of $1.30 and a twelve month high of $4.58.

About Adagene

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.