Adlai Nortye (NASDAQ:ANL) Shares Gap Up - Time to Buy?

Key Points

• Adlai Nortye shares opened higher, rising from a previous close of $15.00 to $15.89 before trading near $15.85.
• Analysts remain broadly optimistic: six rate the stock Buy and one rates it Sell, producing a Moderate Buy consensus and an average price target of $29.50.
• Institutional ownership stands at 35.21%, with several hedge funds establishing new positions; meanwhile, the CFO sold shares to cover tax obligations tied to vested equity awards.

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $15.00, but opened at $15.89. Adlai Nortye shares last traded at $15.8540, with a volume of 1,095 shares.

Wall Street Analysts Forecast Growth

ANL has been the subject of a number of research analyst reports. Cantor Fitzgerald started coverage on Adlai Nortye in a report on Monday, June 22nd. They issued an "overweight" rating for the company. Oppenheimer began coverage on shares of Adlai Nortye in a research note on Thursday, May 28th. They set an "outperform" rating and a $32.00 target price for the company. Wall Street Zen downgraded shares of Adlai Nortye from a "buy" rating to a "hold" rating in a research report on Saturday, September 12th. HC Wainwright restated a "buy" rating and issued a $20.00 price target on shares of Adlai Nortye in a research report on Tuesday, September 8th. Finally, Loop Capital set a $49.00 price target on shares of Adlai Nortye in a report on Tuesday, September 8th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Adlai Nortye currently has an average rating of "Moderate Buy" and a consensus target price of $29.50.

Adlai Nortye Price Performance

The firm's 50-day moving average price is $13.30 and its 200 day moving average price is $11.69. The company has a current ratio of 9.55, a quick ratio of 0.65 and a debt-to-equity ratio of 0.04.

Insider Activity at Adlai Nortye

In other news, CFO Xiaofeng Ye sold 5,667 shares of Adlai Nortye stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $14.25, for a total transaction of $80,754.75. Following the sale, the chief financial officer owned 147,757 shares of the company's stock, valued at approximately $2,105,537.25. The trade was a 3.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Institutional Trading of Adlai Nortye

Large investors have recently added to or reduced their stakes in the business. Braidwell LP acquired a new position in shares of Adlai Nortye during the second quarter valued at $9,145,000. Boone Capital Management LLC acquired a new position in Adlai Nortye during the 2nd quarter valued at about $2,971,000. ADAR1 Capital Management LLC bought a new stake in shares of Adlai Nortye during the 1st quarter worth about $816,000. Affinity Asset Advisors LLC acquired a new stake in shares of Adlai Nortye in the 1st quarter worth approximately $1,140,000. Finally, Seven Fleet Capital Management LP bought a new position in shares of Adlai Nortye in the second quarter valued at approximately $1,302,000. 35.21% of the stock is currently owned by institutional investors and hedge funds.

About Adlai Nortye

Adlai Nortye Ltd. is a clinical-stage biopharmaceutical company focused on developing innovative therapies for cancer and other serious diseases. The company's research and development activities center on oncology and immuno-oncology, with the goal of addressing unmet needs in the treatment of solid tumors.

Adlai Nortye's lead candidate is buparlisib, also known as AN2025, an oral pan-class I phosphoinositide 3-kinase (PI3K) inhibitor being developed for oncology indications, including head and neck cancer.

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