Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Short Interest Down 70.6% in August

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a significant drop in short interest in August. As of August 15th, there was short interest totaling 16,800 shares, adropof70.6% from the July 31st total of 57,100 shares. Based on an average daily trading volume, of 96,900 shares, the short-interest ratio is presently 0.2 days. Approximately0.1% of the shares of the stock are short sold. Approximately0.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 96,900 shares, the short-interest ratio is presently 0.2 days.

Adagene Price Performance

Adagene stock opened at $2.12 on Wednesday. The stock’s 50 day simple moving average is $2.00 and its two-hundred day simple moving average is $1.84. The company has a quick ratio of 2.30, a current ratio of 2.29 and a debt-to-equity ratio of 0.01. Adagene has a fifty-two week low of $1.33 and a fifty-two week high of $3.58.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ADAG shares. Leerink Partnrs raised Adagene to a “strong-buy” rating in a research note on Wednesday, August 6th. Leerink Partners assumed coverage on Adagene in a research note on Wednesday, August 6th. They set an “outperform” rating and a $7.00 price objective on the stock. Finally, HC Wainwright reduced their price objective on Adagene from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $7.00.

Institutional Trading of Adagene

A hedge fund recently bought a new stake in Adagene stock. Gordian Capital Singapore Pte Ltd purchased a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 18,900 shares of the company’s stock, valued at approximately $29,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

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.