Adagene Inc. (NASDAQ:ADAG) Short Interest Down 28.7% in April

Adagene Inc. (NASDAQ:ADAG - Get Free Report) was the recipient of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 47,700 shares, a decrease of 28.7% from the March 31st total of 66,900 shares. Currently, 0.1% of the company's shares are short sold. Based on an average daily trading volume, of 69,000 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Investors Weigh In On Adagene

Several institutional investors have recently added to or reduced their stakes in the stock. General Atlantic L.P. raised its stake in shares of Adagene by 1,349.2% in the 4th quarter. General Atlantic L.P. now owns 3,825,952 shares of the company's stock valued at $7,614,000 after purchasing an additional 3,561,952 shares during the period. Exome Asset Management LLC grew its holdings in shares of Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company's stock worth $583,000 after buying an additional 111,749 shares in the last quarter. Mill Creek Capital Advisors LLC raised its position in Adagene by 119.6% in 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. Kamunting Street Capital Management L.P. bought a new stake in Adagene in the 4th quarter valued at approximately $251,000. Finally, Catalina Capital Group LLC boosted its position in Adagene by 129.2% during the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company's stock worth $58,000 after acquiring an additional 16,461 shares during the last quarter. 9.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $8.00 price objective on shares of Adagene in a report on Thursday, April 3rd. Morgan Stanley lowered shares of Adagene from an "overweight" rating to an "equal weight" rating in a report on Friday, January 31st.

Adagene Stock Performance

ADAG stock traded up $0.09 during mid-day trading on Monday, hitting $1.62. 29,977 shares of the company were exchanged, compared to its average volume of 60,497. Adagene has a 1-year low of $1.33 and a 1-year high of $3.58. The firm's 50 day simple moving average is $1.67 and its 200 day simple moving average is $2.00.

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.