Adlai Nortye (NASDAQ:ANL) Stock Falls 8.6% – Here’s What Happened

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price was down 8.6% during trading on Tuesday. The stock traded as low as $10.20 and last traded at $10.1920. 65,454 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 359,960 shares. The stock had previously closed at $11.15.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ANL shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Adlai Nortye in a research note on Monday, October 12th. Loop Capital set a $49.00 target price on shares of Adlai Nortye in a research note on Tuesday, September 8th. HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Adlai Nortye in a report on Tuesday, September 8th. Wall Street Zen downgraded shares of Adlai Nortye from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Finally, Jefferies Financial Group raised shares of Adlai Nortye to a “strong-buy” rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Adlai Nortye currently has a consensus rating of “Moderate Buy” and an average price target of $29.50.

Adlai Nortye Stock Performance

The business has a 50-day moving average price of $13.31 and a 200-day moving average price of $11.50.

Insider Transactions at Adlai Nortye

In other Adlai Nortye news, Director Ping Ji sold 10,000 shares of the stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $15.99, for a total transaction of $159,900.00. Following the transaction, the director directly owned 121,453 shares in the company, valued at $1,942,033.47. This represents a 7.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Xiaofeng Ye sold 5,667 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $14.25, for a total transaction of $80,754.75. Following the transaction, the chief financial officer owned 147,757 shares in the company, valued at approximately $2,105,537.25. The trade was a 3.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 26,881 shares of company stock valued at $411,060.

Hedge Funds Weigh In On Adlai Nortye

Institutional investors have recently bought and sold shares of the business. ACT Capital Partners L.P. bought a new position in Adlai Nortye in the third quarter worth approximately $430,000. China Universal Asset Management Co. Ltd. purchased a new stake in Adlai Nortye during the third quarter worth $25,000. Seven Fleet Capital Management LP purchased a new stake in Adlai Nortye during the second quarter worth $1,302,000. Braidwell LP bought a new stake in Adlai Nortye during the 2nd quarter valued at $9,145,000. Finally, Boone Capital Management LLC bought a new stake in Adlai Nortye during the 2nd quarter valued at $2,971,000. 35.21% of the stock is owned by hedge funds and other institutional investors.

About Adlai Nortye

Adlai Nortye is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Founded in 2004 and headquartered in Hangzhou, China, the company conducts drug research and development for potential use in China and international markets. Its investigational oncology pipeline includes AN2025, a pan-RAF inhibitor; AN0025, an EP4 antagonist; and AN4005, an adenosine A2A/A2B receptor antagonist. These candidates are being studied for their potential to treat solid tumors, including in combination with other cancer therapies.