Adlai Nortye (NASDAQ:ANL) Shares Gap Up – Here’s Why

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL) gapped up before the market opened on Wednesday . The stock had previously closed at $15.57, but opened at $16.47. Adlai Nortye shares last traded at $16.5550, with a volume of 7,440 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ANL. Weiss Ratings reiterated a “sell (e+)” rating on shares of Adlai Nortye in a research note on Tuesday, July 14th. Oppenheimer started coverage on shares of Adlai Nortye in a research note on Thursday, May 28th. They set an “outperform” rating and a $32.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Adlai Nortye in a report on Tuesday, September 8th. Wall Street Zen lowered shares of Adlai Nortye from a “buy” rating to a “hold” rating in a research note on Saturday, September 12th. Finally, Jefferies Financial Group initiated coverage on shares of Adlai Nortye in a report on Thursday, September 10th. They set a “buy” rating and a $31.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Adlai Nortye presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

Adlai Nortye Stock Down 1.8%

The stock has a fifty day simple moving average of $13.78 and a two-hundred day simple moving average of $11.91. The company has a current ratio of 9.55, a quick ratio of 0.65 and a debt-to-equity ratio of 0.04.

Insider Buying and Selling

In related news, CFO Xiaofeng Ye sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $13.98, for a total transaction of $83,880.00. Following the sale, the chief financial officer owned 153,424 shares of the company’s stock, valued at approximately $2,144,867.52. This represents a 3.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Seven Fleet Capital Management LP purchased a new stake in shares of Adlai Nortye in the second quarter worth $1,302,000. Braidwell LP purchased a new position in Adlai Nortye during the second quarter worth about $9,145,000. Boone Capital Management LLC purchased a new position in Adlai Nortye during the second quarter worth about $2,971,000. ADAR1 Capital Management LLC bought a new position in Adlai Nortye in the 1st quarter worth about $816,000. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Adlai Nortye in the 1st quarter valued at about $1,140,000. Institutional investors own 35.21% of the company’s stock.

Adlai Nortye Company Profile

Adlai Nortye Ltd. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for cancer and other serious diseases. The company’s research and development activities center on oncology and immuno-oncology, with the goal of addressing unmet needs in the treatment of solid tumors.

Adlai Nortye’s lead candidate is buparlisib, also known as AN2025, an oral pan-class I phosphoinositide 3-kinase (PI3K) inhibitor being developed for oncology indications, including head and neck cancer.