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

Adagene Inc. (NASDAQ:ADAG - Get Free Report) saw 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. Based on an average daily volume of 27,100 shares, the days-to-cover ratio is currently 2.8 days. Approximately 0.2% of the company's shares are short sold.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. General Atlantic L.P. raised its stake in Adagene by 1,349.2% in the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company's stock valued at $7,614,000 after buying an additional 3,561,952 shares in the last quarter. Kamunting Street Capital Management L.P. acquired a new stake in shares of Adagene during the 4th quarter worth about $251,000. Mill Creek Capital Advisors LLC lifted its stake in Adagene by 119.6% during the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company's stock worth $397,000 after purchasing an additional 108,702 shares during the last quarter. Fifth Lane Capital LP acquired a new position in Adagene in the fourth quarter valued at approximately $54,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Adagene in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 9.51% of the company's stock.

Analyst Ratings Changes

Separately, HC Wainwright restated a "buy" rating and issued a $8.00 price objective on shares of Adagene in a report on Thursday, April 3rd.

Adagene Price Performance

ADAG stock traded down $0.17 during mid-day trading on Wednesday, reaching $1.90. The company had a trading volume of 160,312 shares, compared to its average volume of 57,673. The firm has a fifty day simple moving average of $1.63 and a 200 day simple moving average of $1.85. Adagene has a fifty-two week low of $1.33 and a fifty-two week high of $3.58.

Adagene Company Profile

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.