Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Drops By 31.1%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a significant decline in short interest in the month of January. As of January 15th, there was short interest totaling 16,394 shares, a decline of 31.1% from the December 31st total of 23,778 shares. Approximately 0.0% of the company’s shares are sold short. Based on an average daily volume of 53,969 shares, the days-to-cover ratio is presently 0.3 days. Based on an average daily volume of 53,969 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.0% of the company’s shares are sold short.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Wednesday, January 21st. Guggenheim began coverage on Adagene in a research note on Monday, November 24th. They set a “buy” rating and a $9.00 target price for the company. Finally, Lifesci Capital upgraded shares of Adagene to a “strong-buy” rating in a research note on Friday, November 14th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $7.67.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Marex Group plc acquired a new stake in shares of Adagene in the second quarter valued at approximately $47,000. Gordian Capital Singapore Pte Ltd raised its stake in shares of Adagene by 101.4% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after buying an additional 24,342 shares in the last quarter. Finally, Citadel Advisors LLC bought a new stake in Adagene in the third quarter worth about $80,000. 9.51% of the stock is owned by hedge funds and other institutional investors.

Adagene Price Performance

Shares of NASDAQ ADAG opened at $2.75 on Friday. The company’s 50-day moving average price is $1.95 and its 200 day moving average price is $1.96. Adagene has a 52 week low of $1.30 and a 52 week high of $3.16.

Adagene Company Profile

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.