Aadi Bioscience, Inc. (NASDAQ:AADI) Sees Significant Increase in Short Interest

Aadi Bioscience, Inc. (NASDAQ:AADI) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totalling 394,100 shares, an increase of 22.8% from the August 31st total of 320,900 shares. Currently, 2.2% of the company’s stock are sold short. Based on an average daily volume of 294,600 shares, the days-to-cover ratio is currently 1.3 days.

Aadi Bioscience Stock Up 1.0 %

Shares of NASDAQ AADI opened at $1.93 on Friday. The stock has a market cap of $47.39 million, a P/E ratio of -0.76 and a beta of 0.69. The firm’s 50-day simple moving average is $1.65 and its 200 day simple moving average is $1.77. Aadi Bioscience has a fifty-two week low of $1.21 and a fifty-two week high of $5.70.

Aadi Bioscience (NASDAQ:AADI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.54) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.17. Aadi Bioscience had a negative net margin of 274.77% and a negative return on equity of 66.67%. The company had revenue of $6.18 million during the quarter, compared to analyst estimates of $6.33 million. During the same period in the prior year, the business posted ($0.67) EPS. On average, sell-side analysts anticipate that Aadi Bioscience will post -2.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on AADI. HC Wainwright reiterated a “neutral” rating on shares of Aadi Bioscience in a research report on Wednesday, August 21st. TD Cowen downgraded Aadi Bioscience from a “buy” rating to a “hold” rating in a report on Wednesday, August 21st. Jefferies Financial Group downgraded Aadi Bioscience from a “buy” rating to a “hold” rating and cut their price target for the stock from $11.00 to $1.50 in a report on Wednesday, August 21st. Piper Sandler downgraded Aadi Bioscience from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $5.00 to $1.75 in a report on Tuesday, August 27th. Finally, Piper Sandler Companies downgraded Aadi Bioscience from an “overweight” rating to a “neutral” rating and set a $1.75 price target on the stock. in a report on Tuesday, August 27th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Aadi Bioscience has an average rating of “Hold” and an average target price of $10.25.

Insider Buying and Selling at Aadi Bioscience

In other news, Chairman Neil Desai sold 31,348 shares of Aadi Bioscience stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $1.45, for a total value of $45,454.60. Following the completion of the transaction, the chairman now owns 1,260,195 shares in the company, valued at approximately $1,827,282.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 92,415 shares of company stock worth $144,551 in the last 90 days. 37.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Aadi Bioscience

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AADI. Acuitas Investments LLC raised its stake in shares of Aadi Bioscience by 10.8% in the 2nd quarter. Acuitas Investments LLC now owns 352,483 shares of the company’s stock worth $515,000 after buying an additional 34,344 shares in the last quarter. Marquette Asset Management LLC acquired a new position in Aadi Bioscience during the first quarter worth about $135,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Aadi Bioscience during the second quarter worth about $37,000. 52.08% of the stock is owned by institutional investors.

About Aadi Bioscience

Aadi Bioscience, Inc, a biopharmaceutical company, engages in developing and commercializing precision therapies for genetically defined cancers with alterations in mTOR pathway genes. Its lead drug product candidate comprises FYARRO, a form of sirolimus protein-bound particles for injectable suspension for the treatment in adult patients with advanced unresectable or metastatic malignant PEComa.