Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Short Interest Down 24.5% in February

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 47,428 shares, a drop of 24.5% from the January 29th total of 62,815 shares. Based on an average trading volume of 121,740 shares, the short-interest ratio is presently 0.4 days. Currently, 0.1% of the company’s shares are short sold. Currently, 0.1% of the company’s shares are short sold. Based on an average trading volume of 121,740 shares, the short-interest ratio is presently 0.4 days.

Adagene Price Performance

Shares of ADAG opened at $2.96 on Monday. Adagene has a 12 month low of $1.30 and a 12 month high of $3.53. The stock’s 50 day moving average is $2.40 and its two-hundred day moving average is $2.11.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Gordian Capital Singapore Pte Ltd grew its stake in shares of Adagene by 101.4% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after acquiring an additional 24,342 shares in the last quarter. Fifth Lane Capital LP grew its stake in Adagene by 427.3% during the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock worth $274,000 after purchasing an additional 117,500 shares in the last quarter. Exome Asset Management LLC acquired a new position in Adagene during the 4th quarter worth $2,004,000. SmartHarvest Portfolios LLC purchased a new stake in Adagene during the 4th quarter worth about $73,000. Finally, Citadel Advisors LLC acquired a new stake in Adagene in the 3rd quarter valued at about $80,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Analysts Set New Price Targets

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

About Adagene

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.