Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Short Interest Down 38.1% in August

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the target of a large decline in short interest in August. As of August 31st, there was short interest totaling 10,400 shares, a decline of 38.1% from the August 15th total of 16,800 shares. Approximately 0.0% of the company’s stock are short sold. Based on an average daily volume of 104,800 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 104,800 shares, the days-to-cover ratio is currently 0.1 days. Approximately 0.0% of the company’s stock are short sold.

Institutional Investors Weigh In On Adagene

An institutional investor recently bought a new position in Adagene stock. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,900 shares of the company’s stock, valued at approximately $29,000. Institutional investors and hedge funds own 9.51% of the company’s stock.

Analyst Ratings Changes

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

Adagene Stock Down 4.3%

Shares of NASDAQ:ADAG opened at $2.24 on Monday. The company’s 50-day moving average is $2.06 and its 200 day moving average is $1.86. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.29 and a quick ratio of 2.30. Adagene has a fifty-two week low of $1.33 and a fifty-two week high of $3.58.

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.