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

Key Points

• Adagene Inc. experienced a significant decline in short interest, dropping 38.1% in August, with total short interest now at 10,400 shares.
• Gordian Capital Singapore Pte Ltd acquired a new position in Adagene, purchasing 18,900 shares valued at approximately $29,000, indicating growing institutional interest.
• Analysts have mixed opinions on Adagene, with one upgrade to a "strong buy" rating and a consensus target price currently at $7.00, despite recent price fluctuations.

Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 10,400 shares, a decline of 38.1% from the August 15th total of 16,800 shares. Approximately 0.0% of the company's shares are sold short. Based on an average trading volume of 104,800 shares, the days-to-cover ratio is currently 0.1 days. Based on an average trading volume of 104,800 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.0% of the company's shares are sold short.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADAG. HC Wainwright dropped their price target on Adagene from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Friday, August 15th. Leerink Partners began coverage on Adagene in a research note on Wednesday, August 6th. They issued an "outperform" rating and a $7.00 price target on the stock. Finally, Leerink Partnrs raised Adagene to a "strong-buy" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $7.00.

Hedge Funds Weigh In On Adagene

An institutional investor recently bought a new position in Adagene stock. Marex Group plc purchased a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,000 shares of the company's stock, valued at approximately $47,000. Marex Group plc owned approximately 0.05% of Adagene at the end of the most recent quarter. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

Adagene Price Performance

Shares of NASDAQ:ADAG traded down $0.02 during trading on Friday, reaching $2.05. 57,253 shares of the stock were exchanged, compared to its average volume of 98,240. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.29 and a quick ratio of 2.30. Adagene has a 1-year low of $1.33 and a 1-year high of $3.16. The stock has a fifty day moving average of $2.08 and a two-hundred day moving average of $1.86.

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.