Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Sees Large Decrease in Short Interest

Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) was the recipient of a large drop in short interest during the month of August. As of August 15th, there was short interest totaling 16,800 shares, adropof70.6% from the July 31st total of 57,100 shares. Currently,0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 96,900 shares, the days-to-cover ratio is currently 0.2 days. Based on an average daily trading volume, of 96,900 shares, the days-to-cover ratio is currently 0.2 days. Currently,0.1% of the shares of the company are sold short.

Adagene Stock Performance

ADAG traded up $0.06 during trading on Friday, hitting $2.20. The company's stock had a trading volume of 129,576 shares, compared to its average volume of 103,088. The firm's 50 day moving average price is $2.01 and its two-hundred day moving average price is $1.85. The company has a current ratio of 2.29, a quick ratio of 2.30 and a debt-to-equity ratio of 0.01. Adagene has a 12 month low of $1.33 and a 12 month high of $3.58.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADAG shares. HC Wainwright decreased their price objective on Adagene from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Friday, August 15th. Leerink Partners started coverage on Adagene in a report on Wednesday, August 6th. They set an "outperform" rating and a $7.00 price objective on the stock. Finally, Leerink Partnrs raised Adagene to a "strong-buy" rating in a report on Wednesday, August 6th. One equities research 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 company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $7.00.

Hedge Funds Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Marex Group plc acquired a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 24,000 shares of the company's stock, valued at approximately $47,000. Marex Group plc owned about 0.05% of Adagene as of its most recent filing with the SEC. Hedge funds and other institutional investors own 9.51% of the company's stock.

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.