Adlai Nortye (NASDAQ:ANL) Shares Up 9.1% - Here's Why

Key Points

• Adlai Nortye shares jumped 9.1% to about $11.61 in mid-day trading, though the stock remains below its 50-day moving average of $14.34.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $29.50; targets range from $20 to $49, despite one “sell” rating.
• Institutional investors own 35.21% of the company, with several funds recently establishing new positions, while insiders sold 26,881 shares worth approximately $411,060 over the past quarter.

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL - Get Free Report)'s share price rose 9.1% during mid-day trading on Wednesday. The stock traded as high as $11.55 and last traded at $11.6050. Approximately 353,476 shares were traded during mid-day trading, a decline of 4% from the average session volume of 369,202 shares. The stock had previously closed at $10.64.

Wall Street Analysts Forecast Growth

ANL has been the topic of several analyst reports. Loop Capital set a $49.00 price target on shares of Adlai Nortye in a report on Tuesday, September 8th. Jefferies Financial Group upgraded shares of Adlai Nortye to a "strong-buy" rating in a research note on Monday, October 5th. HC Wainwright reiterated a "buy" rating and issued a $20.00 target price on shares of Adlai Nortye in a research note on Tuesday, September 8th. Weiss Ratings restated a "sell (e+)" rating on shares of Adlai Nortye in a research note on Monday, October 12th. Finally, Wall Street Zen upgraded shares of Adlai Nortye from a "hold" rating to a "buy" rating in a research report on Saturday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Adlai Nortye presently has a consensus rating of "Moderate Buy" and an average target price of $29.50.

Adlai Nortye Stock Performance

The company's 50 day moving average is $14.34 and its 200 day moving average is $12.80.

Insiders Place Their Bets

In other news, CFO Xiaofeng Ye sold 6,000 shares of the company's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $13.98, for a total value of $83,880.00. Following the transaction, the chief financial officer owned 153,424 shares in the company, valued at $2,144,867.52. This represents a 3.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ping Ji sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $15.99, for a total value of $159,900.00. Following the sale, the director directly owned 121,453 shares of the company's stock, valued at $1,942,033.47. The trade was a 7.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 26,881 shares of company stock worth $411,060 over the last quarter.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Braidwell LP acquired a new stake in shares of Adlai Nortye in the second quarter valued at approximately $9,145,000. Boone Capital Management LLC bought a new stake in shares of Adlai Nortye in the second quarter valued at approximately $2,971,000. Affinity Asset Advisors LLC bought a new stake in shares of Adlai Nortye during the 1st quarter worth approximately $1,140,000. ADAR1 Capital Management LLC acquired a new position in Adlai Nortye during the first quarter worth about $816,000. Finally, Seven Fleet Capital Management LP acquired a new position in Adlai Nortye in the 2nd quarter worth about $1,302,000. Institutional investors and hedge funds own 35.21% of the company's stock.

About Adlai Nortye

Adlai Nortye Ltd. NASDAQ: ANL is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company's research and development programs are centered on immuno-oncology and targeted therapies intended to address unmet medical needs.

Adlai Nortye's pipeline has included buparlisib, an oral pan-PI3K inhibitor being studied in oncology, as well as AN0025, an investigational EP4 antagonist designed to affect pathways involved in tumor growth and immune response.

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