Adagene Inc. (NASDAQ:ADAG) Short Interest Update

Adagene Inc. (NASDAQ:ADAG) saw a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 47,700 shares, a drop of 28.7% from the March 31st total of 66,900 shares. Based on an average daily trading volume, of 69,000 shares, the short-interest ratio is currently 0.7 days. Approximately 0.1% of the shares of the company are short sold.

Adagene Stock Down 0.1 %

Adagene stock opened at $1.43 on Wednesday. Adagene has a fifty-two week low of $1.33 and a fifty-two week high of $3.58. The firm’s fifty day moving average price is $1.71 and its 200-day moving average price is $2.02.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADAG. Morgan Stanley cut shares of Adagene from an “overweight” rating to an “equal weight” rating in a report on Friday, January 31st. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of Adagene in a research note on Thursday, April 3rd.

Institutional Investors Weigh In On Adagene

Institutional investors and hedge funds have recently bought and sold shares of the stock. General Atlantic L.P. grew its stake in Adagene by 1,349.2% in the 4th quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock worth $7,614,000 after buying an additional 3,561,952 shares in the last quarter. Kamunting Street Capital Management L.P. purchased a new position in Adagene in the fourth quarter worth $251,000. Exome Asset Management LLC increased its stake in Adagene by 74.1% in 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 position in 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 purchasing an additional 108,702 shares in the last quarter. Finally, Fifth Lane Capital LP purchased a new stake in Adagene during the fourth quarter valued at about $54,000. 9.51% of the stock is owned by hedge funds and other institutional investors.

About Adagene

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.