Adagene Inc. (NASDAQ:ADAG) Sees Significant Decline in Short Interest

Adagene Inc. (NASDAQ:ADAGGet Free Report) was the recipient of a large decrease in short interest in February. As of February 28th, there was short interest totalling 17,700 shares, a decrease of 55.9% from the February 13th total of 40,100 shares. Based on an average daily volume of 82,400 shares, the short-interest ratio is presently 0.2 days. Currently, 0.1% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADAG. HC Wainwright increased their target price on shares of Adagene from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, January 27th. Morgan Stanley lowered shares of Adagene from an “overweight” rating to an “equal weight” rating in a research report on Friday, January 31st.

Check Out Our Latest Report on Adagene

Hedge Funds Weigh In On Adagene

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. General Atlantic L.P. raised its stake in shares of Adagene by 1,349.2% during the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock valued at $7,614,000 after acquiring an additional 3,561,952 shares during the last quarter. Kamunting Street Capital Management L.P. bought a new position in shares of Adagene during the fourth quarter valued at $251,000. Exome Asset Management LLC raised its stake in shares of Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock valued at $583,000 after acquiring an additional 111,749 shares during the last quarter. Mill Creek Capital Advisors LLC raised its stake in shares of Adagene by 119.6% during the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock valued at $397,000 after acquiring an additional 108,702 shares during the last quarter. Finally, Fifth Lane Capital LP bought a new position in shares of Adagene during the fourth quarter valued at $54,000. Institutional investors own 9.51% of the company’s stock.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $1.77 on Friday. The firm has a 50 day simple moving average of $1.90 and a 200 day simple moving average of $2.25. Adagene has a one year low of $1.64 and a one year high of $3.58.

About Adagene

(Get Free Report)

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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