Piper Sandler Initiates Coverage on Adagio Medical (NASDAQ:ADGM)

Piper Sandler assumed coverage on shares of Adagio Medical (NASDAQ:ADGM) in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $3.00 price target on the stock. Piper Sandler’s price objective points to a potential upside of 109.79% from the company’s current price.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Adagio Medical in a research note on Monday, December 22nd. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $3.50.

Adagio Medical Stock Down 12.3%

NASDAQ ADGM opened at $1.43 on Tuesday. The business has a fifty day moving average price of $1.10 and a two-hundred day moving average price of $1.13. The company has a debt-to-equity ratio of 1.70, a current ratio of 2.44 and a quick ratio of 2.24. Adagio Medical has a fifty-two week low of $0.74 and a fifty-two week high of $2.87. The stock has a market capitalization of $31.76 million, a PE ratio of -0.83 and a beta of 0.04.

Adagio Medical (NASDAQ:ADGM) last released its earnings results on Friday, March 27th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.10.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Cresset Asset Management LLC bought a new position in shares of Adagio Medical in the 2nd quarter valued at $39,000. Geode Capital Management LLC lifted its stake in shares of Adagio Medical by 88.6% in the 4th quarter. Geode Capital Management LLC now owns 68,342 shares of the company’s stock valued at $71,000 after acquiring an additional 32,100 shares during the last quarter. Hudson Bay Capital Management LP bought a new position in shares of Adagio Medical in the 4th quarter valued at $308,000. Armistice Capital LLC bought a new position in shares of Adagio Medical in the 4th quarter valued at $497,000. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of Adagio Medical by 17.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 821,261 shares of the company’s stock valued at $1,068,000 after acquiring an additional 121,261 shares during the last quarter. 48.08% of the stock is currently owned by institutional investors.

Adagio Medical Company Profile

Adagio Medical, Inc (NASDAQ: ADGM) is a medical device company focused on the development and commercialization of a noninvasive system for monitoring intracranial pressure (ICP). The company’s proprietary technology uses tympanic membrane displacement to provide clinicians with real-time estimates of ICP without the risks associated with invasive catheter methods. This approach is designed to improve patient safety, reduce complications, and streamline neurological monitoring in acute and critical care settings.

At the core of Adagio Medical’s pipeline is its ADGM System, which is intended for use in hospitals, emergency departments, and other clinical environments where rapid and accurate assessment of ICP is crucial.