ADARx Pharmaceuticals, Inc.'s (NASDAQ:ADRX) Quiet Period To Expire on November 4th

Key Points

• ADARx Pharmaceuticals’ IPO quiet period ends November 4, potentially allowing IPO underwriters to begin publishing research coverage. The company sold 26.25 million shares at $17 each, raising $446.25 million.
• Analyst sentiment is broadly positive, with four Buy ratings and one Hold rating. The stock has a consensus “Moderate Buy” rating and an average price target of $35, including targets of $32 to $38 from major firms.
• ADARx shares opened at $18.13, while insiders have made substantial purchases, including two separate 1.6 million-share acquisitions at $17 per share. Insiders bought 3.26 million shares worth roughly $55.4 million over the past 90 days.

ADARx Pharmaceuticals' (NASDAQ:ADRX - Get Free Report) quiet period will end on Wednesday, November 4th. ADARx Pharmaceuticals had issued 26,250,000 shares in its initial public offering on September 25th. The total size of the offering was $446,250,000 based on an initial share price of $17.00. During the company's quiet period, insiders and any underwriters involved in the IPO are prevented from issuing any research reports for the company because of SEC regulations. Following the end of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Upgrades and Downgrades

ADRX has been the topic of a number of research analyst reports. Zacks Research upgraded ADARx Pharmaceuticals to a "hold" rating in a research report on Wednesday, October 21st. JPMorgan Chase & Co. began coverage on ADARx Pharmaceuticals in a research note on Tuesday, October 20th. They issued an "overweight" rating and a $38.00 price target on the stock. TD Cowen started coverage on shares of ADARx Pharmaceuticals in a research note on Tuesday, October 20th. They set a "buy" rating for the company. Morgan Stanley started coverage on ADARx Pharmaceuticals in a research report on Tuesday, October 20th. They set an "overweight" rating and a $32.00 price target for the company. Finally, UBS Group started coverage on shares of ADARx Pharmaceuticals in a report on Tuesday, October 20th. They issued a "buy" rating and a $35.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, ADARx Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $35.00.

ADARx Pharmaceuticals Stock Up 1.8%

NASDAQ ADRX opened at $18.13 on Wednesday. ADARx Pharmaceuticals has a 12 month low of $16.61 and a 12 month high of $23.21.

Insider Transactions at ADARx Pharmaceuticals

In other ADARx Pharmaceuticals news, Director Simeon George purchased 1,600,000 shares of ADARx Pharmaceuticals stock in a transaction that occurred on Monday, September 28th. The stock was purchased at an average price of $17.00 per share, for a total transaction of $27,200,000.00. Following the transaction, the director directly owned 5,554,094 shares in the company, valued at $94,419,598. This trade represents a 40.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Sr One Capital Management, Llc bought 1,600,000 shares of ADARx Pharmaceuticals stock in a transaction dated Monday, September 28th. The stock was acquired at an average cost of $17.00 per share, with a total value of $27,200,000.00. Following the completion of the acquisition, the insider directly owned 5,554,094 shares of the company's stock, valued at approximately $94,419,598. The trade was a 40.46% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 3,261,516 shares of company stock worth $55,445,772.

About ADARx Pharmaceuticals

ADARx Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target disease-driving proteins through RNA-based technologies. The company's platform is designed to support potent and durable control of protein production, with the goal of creating therapies that may be administered less frequently than conventional treatments.

ADARx is advancing a pipeline of investigational therapeutics for conditions involving the kallikrein-kinin and complement pathways, which are implicated in hereditary angioedema and other immune-mediated or inflammatory diseases.

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