Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Sees Large Drop in Short Interest

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the target of a large drop in short interest in January. As of January 15th, there was short interest totaling 16,394 shares, a drop of 31.1% from the December 31st total of 23,778 shares. Based on an average trading volume of 53,969 shares, the short-interest ratio is currently 0.3 days. Approximately 0.0% of the company’s stock are short sold. Approximately 0.0% of the company’s stock are short sold. Based on an average trading volume of 53,969 shares, the short-interest ratio is currently 0.3 days.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Citadel Advisors LLC acquired a new position in Adagene in the 3rd quarter valued at $80,000. Gordian Capital Singapore Pte Ltd increased its stake in shares of Adagene by 101.4% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after acquiring an additional 24,342 shares during the period. Finally, Marex Group plc purchased a new position in Adagene during the second quarter worth about $47,000. 9.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADAG. Lifesci Capital raised Adagene to a “strong-buy” rating in a report on Friday, November 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a report on Wednesday, January 21st. Finally, Guggenheim initiated coverage on shares of Adagene in a research report on Monday, November 24th. They issued a “buy” rating and a $9.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Adagene currently has an average rating of “Buy” and a consensus target price of $7.67.

Adagene Stock Performance

Shares of ADAG opened at $2.75 on Monday. The company’s 50 day simple moving average is $1.95 and its 200-day simple moving average is $1.96. Adagene has a 12-month low of $1.30 and a 12-month high of $3.16.

About Adagene

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.