Adagene Inc. (NASDAQ:ADAG) Sees Significant Growth in Short Interest

Adagene Inc. (NASDAQ:ADAG - Get Free Report) was the target of a significant growth in short interest in the month of May. As of May 15th, there was short interest totalling 76,600 shares, a growth of 94.4% from the April 30th total of 39,400 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily volume of 27,100 shares, the days-to-cover ratio is presently 2.8 days.

Institutional Investors Weigh In On Adagene

Several hedge funds and other institutional investors have recently bought and sold shares of ADAG. Catalina Capital Group LLC increased its holdings in shares of Adagene by 129.2% in the fourth quarter. Catalina Capital Group LLC now owns 29,198 shares of the company's stock valued at $58,000 after buying an additional 16,461 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in Adagene in the 1st quarter worth about $29,000. Fifth Lane Capital LP purchased a new stake in shares of Adagene during the 4th quarter worth about $54,000. Mill Creek Capital Advisors LLC lifted its holdings in shares of Adagene by 119.6% during the 4th quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company's stock valued at $397,000 after buying an additional 108,702 shares during the last quarter. Finally, Kamunting Street Capital Management L.P. bought a new stake in shares of Adagene in the 4th quarter valued at approximately $251,000. 9.51% of the stock is currently owned by institutional investors.

Adagene Stock Down 0.8%

Shares of ADAG traded down $0.02 during midday trading on Friday, reaching $1.94. The stock had a trading volume of 31,187 shares, compared to its average volume of 56,883. The firm's 50 day moving average price is $1.61 and its 200-day moving average price is $1.85. Adagene has a 52 week low of $1.33 and a 52 week high of $3.58.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price target on shares of Adagene in a research note on Thursday, April 3rd.

About Adagene

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.