Adagio Medical (NASDAQ:ADGM) Issues Earnings Results, Misses Estimates By $0.03 EPS

Adagio Medical (NASDAQ:ADGM) announced its quarterly earnings data on Tuesday. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03), Zacks reports.

Adagio Medical Stock Performance

NASDAQ:ADGM traded down $0.05 during trading hours on Tuesday, reaching $0.70. The company had a trading volume of 505,594 shares, compared to its average volume of 3,421,292. The firm has a market cap of $15.48 million, a price-to-earnings ratio of -0.45 and a beta of -0.15. The company has a current ratio of 1.85, a quick ratio of 1.66 and a debt-to-equity ratio of 4.00. The firm’s 50 day moving average price is $0.62 and its 200-day moving average price is $0.91. Adagio Medical has a 52 week low of $0.36 and a 52 week high of $2.58.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADGM. Zacks Research raised Adagio Medical to a “hold” rating in a research report on Wednesday, April 15th. Piper Sandler assumed coverage on shares of Adagio Medical in a research note on Tuesday, April 14th. They set an “overweight” rating and a $3.00 price objective for the company. Finally, Weiss Ratings raised shares of Adagio Medical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.50.

Hedge Funds Weigh In On Adagio Medical

A number of institutional investors and hedge funds have recently modified their holdings of ADGM. Cresset Asset Management LLC purchased a new stake in Adagio Medical during the second quarter valued at $39,000. Adage Capital Partners GP L.L.C. lifted its holdings in Adagio Medical by 17.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 821,261 shares of the company’s stock valued at $1,068,000 after acquiring an additional 121,261 shares during the period. Perceptive Advisors LLC boosted its position in Adagio Medical by 0.7% in the second quarter. Perceptive Advisors LLC now owns 9,876,576 shares of the company’s stock worth $12,840,000 after purchasing an additional 64,157 shares during the last quarter. Geode Capital Management LLC boosted its position in Adagio Medical by 88.6% in the fourth quarter. Geode Capital Management LLC now owns 68,342 shares of the company’s stock worth $71,000 after purchasing an additional 32,100 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Adagio Medical during the 4th quarter valued at about $1,206,000. 48.08% of the stock is currently owned by hedge funds and other institutional investors.

About Adagio Medical

Adagio Medical, Inc (NASDAQ: ADGM) is a medical device company focused on the development and commercialization of a noninvasive system for monitoring intracranial pressure (ICP). The company’s proprietary technology uses tympanic membrane displacement to provide clinicians with real-time estimates of ICP without the risks associated with invasive catheter methods. This approach is designed to improve patient safety, reduce complications, and streamline neurological monitoring in acute and critical care settings.

At the core of Adagio Medical’s pipeline is its ADGM System, which is intended for use in hospitals, emergency departments, and other clinical environments where rapid and accurate assessment of ICP is crucial.