Adagene Inc. (NASDAQ:ADAG) Short Interest Up 170.8% in August

Adagene Inc. (NASDAQ:ADAG) was the recipient of a large growth in short interest in the month of August. As of August 15th, there was short interest totalling 13,000 shares, a growth of 170.8% from the July 31st total of 4,800 shares. Based on an average daily volume of 49,500 shares, the short-interest ratio is currently 0.3 days. Currently, 0.0% of the company’s shares are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Catalina Capital Group LLC acquired a new position in shares of Adagene in the 2nd quarter valued at about $51,000. Artal Group S.A. raised its holdings in Adagene by 2.0% during the first quarter. Artal Group S.A. now owns 1,020,000 shares of the company’s stock worth $2,856,000 after buying an additional 20,000 shares during the last quarter. Finally, WuXi AppTec Co. Ltd. bought a new position in shares of Adagene in the fourth quarter valued at $8,162,000. 9.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and set a $5.00 price objective on shares of Adagene in a research report on Monday, July 22nd.

Adagene Stock Up 0.3 %

Shares of NASDAQ:ADAG opened at $3.01 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.50 and a quick ratio of 3.61. The business’s 50-day moving average is $2.68 and its 200-day moving average is $2.75. Adagene has a 1 year low of $1.10 and a 1 year 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.