Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Sees Significant Growth in Short Interest

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a large growth in short interest during the month of April. As of April 15th, there was short interest totaling 411,325 shares, a growth of 477.3% from the March 31st total of 71,244 shares. Approximately 1.1% of the shares of the stock are sold short. Based on an average trading volume of 517,839 shares, the days-to-cover ratio is presently 0.8 days.

Institutional Trading of Adagene

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fifth Lane Capital LP increased its stake in shares of Adagene by 427.3% during the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after buying an additional 117,500 shares during the period. Exome Asset Management LLC purchased a new position in shares of Adagene during the fourth quarter valued at $2,004,000. SmartHarvest Portfolios LLC purchased a new position in shares of Adagene during the fourth quarter valued at $73,000. Citadel Advisors LLC purchased a new position in shares of Adagene during the third quarter valued at $80,000. Finally, 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 valued at $96,000 after buying an additional 24,342 shares during the period. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Stock Performance

NASDAQ:ADAG opened at $3.69 on Friday. The stock’s fifty day moving average is $3.63 and its 200 day moving average is $2.57. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.75. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.07.

Adagene (NASDAQ:ADAG) last released its earnings results on Saturday, February 14th. The company reported ($0.04) earnings per share for the quarter. The business had revenue of $3.84 million during the quarter. As a group, equities research analysts forecast that Adagene will post -0.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADAG shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research report on Monday, April 20th. Guggenheim increased their price target on Adagene from $9.00 to $10.00 and gave the company a “buy” rating in a report on Monday, April 6th. Finally, Wall Street Zen upgraded Adagene to a “hold” rating in a report on Saturday, March 21st. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Adagene presently has an average rating of “Buy” and a consensus target price of $8.00.

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.