Adagene Inc. (NASDAQ:ADAG) Sees Large Decline in Short Interest

Adagene Inc. (NASDAQ:ADAG) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 21,400 shares, a drop of 30.7% from the September 30th total of 30,900 shares. Based on an average daily volume of 75,400 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.1% of the shares of the company are sold short.

Adagene Price Performance

NASDAQ ADAG opened at $3.02 on Tuesday. The stock has a 50-day simple moving average of $2.59 and a 200 day simple moving average of $2.61. Adagene has a twelve month low of $1.30 and a twelve month high of $4.38.

Institutional Investors Weigh In On Adagene

An institutional investor recently raised its position in Adagene stock. Artal Group S.A. raised its stake in Adagene Inc. (NASDAQ:ADAG) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,020,000 shares of the company’s stock after purchasing an additional 20,000 shares during the period. Artal Group S.A. owned approximately 2.31% of Adagene worth $2,856,000 as of its most recent SEC filing. Institutional investors own 9.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $5.00 target price on shares of Adagene in a report on Wednesday, September 18th.

Adagene Company Profile

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.