Short Interest in Adagene Inc. (NASDAQ:ADAG) Decreases By 9.5%

Adagene Inc. (NASDAQ:ADAG) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 21,900 shares, a decrease of 9.5% from the October 15th total of 24,200 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 15,700 shares, the short-interest ratio is currently 1.4 days.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $1.36 on Thursday. The company’s fifty day moving average is $1.41 and its two-hundred day moving average is $1.37. Adagene has a 12-month low of $1.00 and a 12-month high of $2.10.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and set a $5.00 target price on shares of Adagene in a report on Wednesday, October 4th.

Institutional Investors Weigh In On Adagene

An institutional investor recently raised its position in Adagene stock. Renaissance Technologies LLC boosted its position in shares of Adagene Inc. (NASDAQ:ADAG) by 339.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 95,800 shares of the company’s stock after purchasing an additional 74,006 shares during the period. Renaissance Technologies LLC owned 0.22% of Adagene worth $123,000 at the end of the most recent reporting period. Institutional investors own 9.51% of the company’s stock.

About Adagene

Adagene Inc, a clinical stage immunotherapy 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 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 I clinical trial for the treatment of advanced metastatic solid tumors.