Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Short Interest Up 320.2% in September

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 43,700 shares, an increase of 320.2% from the August 31st total of 10,400 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 100,800 shares, the short-interest ratio is presently 0.4 days. Based on an average daily volume of 100,800 shares, the short-interest ratio is presently 0.4 days. Approximately 0.1% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

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

Adagene Price Performance

Shares of NASDAQ ADAG opened at $1.94 on Friday. Adagene has a twelve month low of $1.33 and a twelve month high of $3.16. The firm has a 50-day moving average of $2.10 and a two-hundred day moving average of $1.87.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Adagene stock. Gordian Capital Singapore Pte Ltd purchased a new stake in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 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.

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.