Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Grows By 283.2%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 62,815 shares, an increase of 283.2% from the January 15th total of 16,394 shares. Based on an average trading volume of 358,011 shares, the short-interest ratio is currently 0.2 days. Currently, 0.2% of the shares of the stock are short sold. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 358,011 shares, the short-interest ratio is currently 0.2 days.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $2.98 on Wednesday. Adagene has a one year low of $1.30 and a one year high of $3.19. The firm has a 50 day simple moving average of $2.06 and a 200 day simple moving average of $2.01.

Institutional Investors Weigh In On Adagene

Several hedge funds have recently modified their holdings of ADAG. Citadel Advisors LLC acquired a new stake in shares of Adagene during the third quarter worth $80,000. Marex Group plc acquired a new position in Adagene in the second quarter valued at $47,000. Finally, Gordian Capital Singapore Pte Ltd boosted its position in Adagene by 101.4% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock valued at $96,000 after acquiring an additional 24,342 shares during the last quarter. Institutional investors and hedge funds own 9.51% of the company’s stock.

Analyst Ratings Changes

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