Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Grows By 66.4%

Key Points

• Short interest in Adagene Inc. grew by 66.4% in September, with a total of 72,700 shares short sold as of September 30th.
• Adagene's stock opened at $1.89, with a fifty-two week range between $1.33 and $3.16.
• Analysts have mixed ratings for Adagene, with a consensus target price of $7.00 and ratings ranging from Strong Buy to Sell.

Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 72,700 shares, a growth of 66.4% from the September 15th total of 43,700 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 104,700 shares, the short-interest ratio is presently 0.7 days. Based on an average daily trading volume, of 104,700 shares, the short-interest ratio is presently 0.7 days. Currently, 0.2% of the shares of the stock are short sold.

Adagene Stock Performance

Shares of ADAG opened at $1.89 on Wednesday. The company's fifty day moving average is $2.06 and its 200 day moving average is $1.89. Adagene has a fifty-two week low of $1.33 and a fifty-two week high of $3.16.

Institutional Trading of Adagene

An institutional investor recently bought a new position in Adagene stock. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 18,900 shares of the company's stock, valued at approximately $29,000. Hedge funds and other institutional investors own 9.51% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADAG. Leerink Partnrs raised shares of Adagene to a "strong-buy" rating in a report on Wednesday, August 6th. Leerink Partners began coverage on shares of Adagene in a report on Wednesday, August 6th. They issued an "outperform" rating and a $7.00 target price for the company. HC Wainwright dropped their price objective on shares of Adagene from $8.00 to $7.00 and set a "buy" rating for the company in a report on Friday, August 15th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Adagene in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Adagene presently has an average rating of "Moderate Buy" and a consensus target price of $7.00.

Adagene Company Profile

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.

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