Adagio Therapeutics (NASDAQ:ADGI) Shares Gap Down to $4.55

Adagio Therapeutics, Inc. (NASDAQ:ADGIGet Rating)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $4.55, but opened at $4.37. Adagio Therapeutics shares last traded at $4.73, with a volume of 954 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ADGI shares. Stifel Nicolaus lowered their price target on shares of Adagio Therapeutics from $9.00 to $5.00 in a report on Friday, May 13th. Morgan Stanley lowered their price target on shares of Adagio Therapeutics to $3.00 and set an “underweight” rating on the stock in a report on Tuesday, May 17th.

Adagio Therapeutics Stock Up 0.4 %

The company’s 50-day moving average is $4.11 and its two-hundred day moving average is $3.87. The company has a market capitalization of $503.89 million and a P/E ratio of -1.47.

Adagio Therapeutics (NASDAQ:ADGIGet Rating) last posted its quarterly earnings data on Monday, August 15th. The company reported ($0.47) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.08. On average, sell-side analysts predict that Adagio Therapeutics, Inc. will post -2.27 EPS for the current year.

Insider Buying and Selling

In related news, Director Marc Elia acquired 584,451 shares of the firm’s stock in a transaction that occurred on Friday, August 19th. The shares were bought at an average cost of $4.62 per share, for a total transaction of $2,700,163.62. Following the completion of the transaction, the director now owns 9,248,250 shares in the company, valued at $42,726,915. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Advisor Group Holdings Inc. bought a new position in Adagio Therapeutics during the first quarter valued at approximately $34,000. ProShare Advisors LLC bought a new position in Adagio Therapeutics during the first quarter valued at approximately $51,000. Point72 Hong Kong Ltd bought a new position in Adagio Therapeutics during the first quarter valued at approximately $55,000. Strs Ohio grew its position in Adagio Therapeutics by 189.6% during the first quarter. Strs Ohio now owns 13,900 shares of the company’s stock valued at $63,000 after acquiring an additional 9,100 shares during the last quarter. Finally, Clear Harbor Asset Management LLC bought a new position in shares of Adagio Therapeutics in the second quarter worth approximately $48,000. 96.94% of the stock is currently owned by institutional investors.

Adagio Therapeutics Company Profile

(Get Rating)

Adagio Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases in the United States. The company's lead product candidate is the ADG20 (adintrevimab), a neutralizing antibody that is in Phase 3 clinical trials for the treatment and prevention of coronavirus disease.

Further Reading

Receive News & Ratings for Adagio Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adagio Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.