Adagene Inc. (NASDAQ:ADAG – Get Free Report) saw a large drop in short interest in the month of October. As of October 15th, there was short interest totalling 21,400 shares, a drop of 30.7% from the September 30th total of 30,900 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average trading volume of 75,400 shares, the short-interest ratio is currently 0.3 days.
Institutional Investors Weigh In On Adagene
A hedge fund recently raised its stake in Adagene stock. Artal Group S.A. grew its position in shares of Adagene Inc. (NASDAQ:ADAG – Free Report) by 2.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,020,000 shares of the company’s stock after purchasing an additional 20,000 shares during the period. Artal Group S.A. owned 2.31% of Adagene worth $2,856,000 at the end of the most recent quarter. 9.51% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Separately, HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Adagene in a research note on Wednesday, September 18th.
Adagene Price Performance
Shares of NASDAQ ADAG opened at $3.01 on Monday. The company’s 50-day moving average price is $2.58 and its 200 day moving average price is $2.61. Adagene has a 52 week low of $1.30 and a 52 week high of $4.38.
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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