Adlai Nortye (NASDAQ:ANL) Stock Price Down 8.6% - Here's What Happened

Key Points

• Adlai Nortye shares fell 8.6% to about $10.19, while trading volume was 82% below the average daily volume.
• Analyst views are mixed, but the consensus rating is “Moderate Buy” with an average price target of $29.50; recent actions included a downgrade to Hold and a Sell rating.
• Company insiders sold 26,881 shares worth about $411,000 over the past 90 days. Hedge funds and other institutions own 35.21% of the stock.

Shares of Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL - Get Free Report) traded down 8.6% on Tuesday. The stock traded as low as $10.20 and last traded at $10.1920. 65,454 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 359,960 shares. The stock had previously closed at $11.15.

Wall Street Analysts Forecast Growth

ANL has been the topic of several recent analyst reports. Wall Street Zen cut shares of Adlai Nortye from a "buy" rating to a "hold" rating in a research report on Saturday, October 31st. Weiss Ratings reissued a "sell (e+)" rating on shares of Adlai Nortye in a report on Monday, October 12th. Loop Capital set a $49.00 target price on shares of Adlai Nortye in a research report on Tuesday, September 8th. HC Wainwright reaffirmed a "buy" rating and set a $20.00 target price on shares of Adlai Nortye in a research note on Tuesday, September 8th. Finally, Jefferies Financial Group raised shares of Adlai Nortye to a "strong-buy" rating in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $29.50.

Adlai Nortye Stock Performance

The stock's 50 day moving average is $13.31 and its 200-day moving average is $11.50.

Insider Activity at Adlai Nortye

In other news, CFO Xiaofeng Ye sold 5,667 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $14.25, for a total value 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. This represents a 3.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 firm's stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $15.99, for a total transaction of $159,900.00. Following the completion of the sale, the director owned 121,453 shares of the company's stock, valued at $1,942,033.47. This trade represents a 7.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 26,881 shares of company stock valued at $411,060 over the last ninety days.

Institutional Trading of Adlai Nortye

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

About Adlai Nortye

Adlai Nortye is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Founded in 2004 and headquartered in Hangzhou, China, the company conducts drug research and development for potential use in China and international markets. Its investigational oncology pipeline includes AN2025, a pan-RAF inhibitor; AN0025, an EP4 antagonist; and AN4005, an adenosine A2A/A2B receptor antagonist. These candidates are being studied for their potential to treat solid tumors, including in combination with other cancer therapies.

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