Adlai Nortye (NASDAQ:ANL) Shares Gap Up – Time to Buy?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL) shares gapped up prior to trading on Thursday . The stock had previously closed at $15.00, but opened at $15.89. Adlai Nortye shares last traded at $15.8540, with a volume of 1,095 shares.

Analyst Ratings Changes

Several brokerages have commented on ANL. Weiss Ratings reiterated a “sell (e+)” rating on shares of Adlai Nortye in a research report on Tuesday, July 14th. Wall Street Zen lowered shares of Adlai Nortye from a “buy” rating to a “hold” rating in a research report on Saturday, September 12th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Adlai Nortye in a research note on Tuesday, September 8th. Cantor Fitzgerald started coverage on shares of Adlai Nortye in a report on Monday, June 22nd. They issued an “overweight” rating on the stock. Finally, Oppenheimer began coverage on shares of Adlai Nortye in a research note on Thursday, May 28th. They set an “outperform” rating and a $32.00 target price for the company. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Adlai Nortye Trading Up 2.8%

The company has a current ratio of 9.55, a quick ratio of 0.65 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average of $13.30 and a two-hundred day moving average of $11.69.

Insiders Place Their Bets

In other news, CFO Xiaofeng Ye sold 6,000 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $13.98, for a total value of $83,880.00. Following the transaction, the chief financial officer owned 153,424 shares in the company, valued at $2,144,867.52. This represents a 3.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SmartHarvest Portfolios LLC increased its stake in Adlai Nortye by 8.5% in the 1st quarter. SmartHarvest Portfolios LLC now owns 16,367 shares of the company’s stock valued at $113,000 after buying an additional 1,279 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Adlai Nortye during the 1st quarter valued at $457,000. ADAR1 Capital Management LLC acquired a new stake in shares of Adlai Nortye during the 1st quarter valued at $816,000. Affinity Asset Advisors LLC purchased a new position in shares of Adlai Nortye during the 1st quarter valued at $1,140,000. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Adlai Nortye during the 2nd quarter valued at $1,302,000. 35.21% of the stock is owned by hedge funds and other institutional investors.

About Adlai Nortye

Adlai Nortye Ltd. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for cancer and other serious diseases. The company’s research and development activities center on oncology and immuno-oncology, with the goal of addressing unmet needs in the treatment of solid tumors.

Adlai Nortye’s lead candidate is buparlisib, also known as AN2025, an oral pan-class I phosphoinositide 3-kinase (PI3K) inhibitor being developed for oncology indications, including head and neck cancer.