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

Key Points

• Adagene Inc. saw a significant increase of 320.2% in short interest from August to September, with totals rising from 10,400 to 43,700 shares.
• Analyst ratings for Adagene range from a Strong Buy to a Buy, with a consensus rating of "Buy" and an average target price of $7.00.
• An institutional investor recently acquired 18,900 shares of Adagene, indicating growing interest as institutional ownership now stands at 9.51%.

Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) saw a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 43,700 shares, a growth of 320.2% from the August 31st total of 10,400 shares. Based on an average daily volume of 100,800 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the shares of the company are short sold. Currently, 0.1% of the shares of the company are short sold. Based on an average daily volume of 100,800 shares, the days-to-cover ratio is currently 0.4 days.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ADAG shares. Leerink Partnrs raised shares of Adagene to a "strong-buy" rating in a report on Wednesday, August 6th. HC Wainwright lowered their target price on shares of Adagene from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Friday, August 15th. Finally, Leerink Partners assumed coverage on shares of Adagene in a research note on Wednesday, August 6th. They set an "outperform" rating and a $7.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Adagene presently has a consensus rating of "Buy" and an average target price of $7.00.

Adagene Trading Up 0.5%

Shares of ADAG stock opened at $2.00 on Thursday. Adagene has a 52 week low of $1.33 and a 52 week high of $3.16. The company's fifty day simple moving average is $2.10 and its two-hundred day simple moving average is $1.87.

Institutional Trading of Adagene

An institutional investor recently bought a new position in Adagene stock. Gordian Capital Singapore Pte Ltd bought a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 18,900 shares of the company's stock, valued at approximately $29,000. 9.51% of the stock is currently owned by institutional investors and hedge funds.

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.

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