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

Adagene Inc. (NASDAQ:ADAG) was the recipient of a large decline in short interest in October. As of October 31st, there was short interest totalling 12,300 shares, a decline of 42.5% from the October 15th total of 21,400 shares. Based on an average daily trading volume, of 88,800 shares, the short-interest ratio is currently 0.1 days. Approximately 0.0% of the shares of the company are sold short.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and set a $5.00 price objective on shares of Adagene in a research note on Wednesday, September 18th.

Adagene Stock Performance

Shares of ADAG stock opened at $2.32 on Friday. Adagene has a one year low of $1.33 and a one year high of $4.38. The company’s fifty day moving average price is $2.60 and its 200-day moving average price is $2.63.

Institutional Investors Weigh In On Adagene

A number of institutional investors have recently bought and sold shares of the business. Catalina Capital Group LLC bought a new position in shares of Adagene in the second quarter worth about $51,000. Mill Creek Capital Advisors LLC bought a new stake in Adagene during the 3rd quarter valued at approximately $202,000. Finally, Artal Group S.A. lifted its holdings in Adagene by 2.0% in the 1st quarter. Artal Group S.A. now owns 1,020,000 shares of the company’s stock worth $2,856,000 after purchasing an additional 20,000 shares in the last quarter. Hedge funds and other institutional investors own 9.51% of the company’s stock.

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.