Adlai Nortye (NASDAQ:ANL) Shares Down 6.4% - Here's What Happened

Key Points

• Adlai Nortye shares fell 6.4% in mid-day trading Monday, briefly hitting $8.94 before last trading at $9.24, with volume running above average at 234,218 shares.
• Despite the drop, Wall Street sentiment remains broadly positive: five analysts rate the stock a Buy/Outperform and one rates it Sell, with a consensus target price of $24.25.
• Institutional investors have continued adding to positions, and hedge funds now own about 35.21% of the company’s shares.

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL - Get Free Report) traded down 6.4% during mid-day trading on Monday . The stock traded as low as $8.94 and last traded at $9.24. Approximately 234,218 shares changed hands during trading, an increase of 34% from the average session volume of 174,694 shares. The stock had previously closed at $9.87.

Wall Street Analyst Weigh In

ANL has been the topic of a number of analyst reports. Leerink Partners began coverage on Adlai Nortye in a report on Friday, March 20th. They issued an "outperform" rating and a $23.00 price objective on the stock. JonesTrading assumed coverage on Adlai Nortye in a research note on Thursday, May 14th. They set a "buy" rating and a $22.00 target price for the company. Cantor Fitzgerald began coverage on Adlai Nortye in a report on Monday, June 22nd. They issued an "overweight" rating for the company. Oppenheimer assumed coverage on Adlai Nortye in a research note on Thursday, May 28th. They issued an "outperform" rating and a $32.00 price target on the stock. Finally, HC Wainwright lifted their price target on Adlai Nortye from $16.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Five research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $24.25.

Adlai Nortye Stock Performance

The business has a 50-day moving average of $11.29 and a 200 day moving average of $8.98.

Institutional Trading of Adlai Nortye

Hedge funds have recently bought and sold shares of the company. SmartHarvest Portfolios LLC grew its stake in Adlai Nortye by 8.5% in the 1st quarter. SmartHarvest Portfolios LLC now owns 16,367 shares of the company's stock worth $113,000 after acquiring an additional 1,279 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Adlai Nortye during the 1st quarter worth $457,000. ADAR1 Capital Management LLC purchased a new position in shares of Adlai Nortye during the 1st quarter worth $816,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Adlai Nortye during the first quarter worth $1,140,000. Institutional investors and hedge funds own 35.21% of the company's stock.

About Adlai Nortye

Adlai Nortye Inc NASDAQ: ANL is a specialty chemical manufacturer headquartered in China’s Jiangsu Province. The company focuses on the research, development, production and sale of fine chemicals, with a primary emphasis on amino acids and their derivatives.

Adlai Nortye’s product portfolio includes betaine compounds, a range of high-purity L-amino acids such as L-methionine, L-threonine and glycine, as well as various chemical intermediates. These offerings serve multiple end markets, including animal feed and nutrition, personal care and cosmetic formulations, pharmaceutical ingredients and industrial chemical processes.

The company operates multiple production facilities alongside an in-house research and development center dedicated to process innovation and quality control.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.