Adlai Nortye (NASDAQ:ANL) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Adlai Nortye (NASDAQ:ANL) from a hold rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also weighed in on ANL. Cantor Fitzgerald initiated coverage on Adlai Nortye in a report on Monday, June 22nd. They issued an “overweight” rating on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Adlai Nortye in a report on Tuesday, July 14th. HC Wainwright reissued a “buy” rating and issued a $20.00 price target on shares of Adlai Nortye in a report on Tuesday, September 8th. Loop Capital set a $49.00 price target on Adlai Nortye in a research note on Tuesday, September 8th. Finally, Jefferies Financial Group initiated coverage on Adlai Nortye in a report on Thursday, September 10th. They set a “buy” rating and a $31.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.50.

Adlai Nortye Trading Down 4.3%

Shares of Adlai Nortye stock opened at $15.09 on Friday. Adlai Nortye has a 52-week low of $0.88 and a 52-week high of $17.25. The company’s 50-day simple moving average is $14.34 and its 200-day simple moving average is $12.27.

Insider Buying and Selling

In related news, CFO Xiaofeng Ye sold 5,667 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $14.25, for a total value of $80,754.75. Following the completion of the transaction, the chief financial officer directly owned 147,757 shares of the company’s stock, valued at $2,105,537.25. This trade represents a 3.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ping Ji sold 10,000 shares of Adlai Nortye stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $15.99, for a total value of $159,900.00. Following the transaction, the director directly owned 121,453 shares of the company’s stock, valued at approximately $1,942,033.47. This represents a 7.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 26,881 shares of company stock valued at $411,060.

Hedge Funds Weigh In On Adlai Nortye

Several hedge funds have recently added to or reduced their stakes in the business. SmartHarvest Portfolios LLC lifted its stake in Adlai Nortye by 8.5% in the 1st quarter. SmartHarvest Portfolios LLC now owns 16,367 shares of the company’s stock valued at $113,000 after buying an additional 1,279 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Adlai Nortye during the first quarter worth $457,000. Seven Fleet Capital Management LP acquired a new position in shares of Adlai Nortye in the second quarter worth $1,302,000. ADAR1 Capital Management LLC purchased a new stake in shares of Adlai Nortye in the first quarter valued at $816,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Adlai Nortye during the first quarter valued at $1,140,000. 35.21% of the stock is currently owned by hedge funds and other institutional investors.

Adlai Nortye Company Profile

Adlai Nortye Ltd. (NASDAQ: ANL) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research and development programs are centered on immuno-oncology and targeted therapies intended to address unmet medical needs.

Adlai Nortye’s pipeline has included buparlisib, an oral pan-PI3K inhibitor being studied in oncology, as well as AN0025, an investigational EP4 antagonist designed to affect pathways involved in tumor growth and immune response.