ADARx Pharmaceuticals, Inc. (NASDAQ:ADRX) Shares Shorted: Short Interest Up 63.6% in October

Key Points

• ADARx Pharmaceuticals’ short interest jumped 63.6% in October to 1.90 million shares, representing about 1.8% of outstanding stock and 3.1 days of average trading volume.
• Insiders made substantial purchases, acquiring 3.26 million shares worth approximately $55.4 million over the past 90 days, including two 1.6-million-share purchases at $17 per share.
• Analyst sentiment is favorable, with four Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and an average price target of $35; ADRX recently traded at $16.78.

ADARx Pharmaceuticals, Inc. (NASDAQ:ADRX - Get Free Report) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 1,903,521 shares, a growth of 63.6% from the September 30th total of 1,163,375 shares. Based on an average daily trading volume, of 611,710 shares, the short-interest ratio is presently 3.1 days. Approximately 1.8% of the company's stock are short sold.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ADRX shares. Zacks Research upgraded shares of ADARx Pharmaceuticals to a "hold" rating in a research report on Wednesday, October 21st. Morgan Stanley initiated coverage on shares of ADARx Pharmaceuticals in a research report on Tuesday, October 20th. They set an "overweight" rating and a $32.00 price objective for the company. Wall Street Zen upgraded shares of ADARx Pharmaceuticals to a "hold" rating in a research note on Saturday, October 3rd. JPMorgan Chase & Co. assumed coverage on shares of ADARx Pharmaceuticals in a research note on Tuesday, October 20th. They issued an "overweight" rating and a $38.00 price objective for the company. Finally, UBS Group initiated coverage on shares of ADARx Pharmaceuticals in a report on Tuesday, October 20th. They set a "buy" rating and a $35.00 price target for the company. Four 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, the company presently has an average rating of "Moderate Buy" and an average price target of $35.00.

ADARx Pharmaceuticals Stock Down 1.3%

ADRX stock traded down $0.22 during mid-day trading on Monday, hitting $16.78. 25,845 shares of the stock were exchanged, compared to its average volume of 542,244. ADARx Pharmaceuticals has a 12 month low of $16.30 and a 12 month high of $23.21.

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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