Adagio Medical (NASDAQ:ADGM) Shares Down 13.4% – Here’s What Happened

Adagio Medical Holdings, Inc. (NASDAQ:ADGM) shares were down 13.4% on Tuesday . The stock traded as low as $0.44 and last traded at $0.4420. Approximately 166,039 shares were traded during mid-day trading, an increase of 163% from the average session volume of 63,225 shares. The stock had previously closed at $0.5103.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADGM. Zacks Research upgraded shares of Adagio Medical to a “hold” rating in a research note on Wednesday, April 15th. Piper Sandler initiated coverage on shares of Adagio Medical in a research note on Tuesday, April 14th. They issued an “overweight” rating and a $3.00 price objective for the company. Finally, Weiss Ratings cut shares of Adagio Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $3.50.

Adagio Medical Price Performance

The business has a fifty day moving average of $0.70 and a 200-day moving average of $0.95. The company has a current ratio of 1.85, a quick ratio of 1.66 and a debt-to-equity ratio of 4.00. The firm has a market cap of $9.82 million, a PE ratio of -0.29 and a beta of -0.19.

Adagio Medical (NASDAQ:ADGM) last posted its earnings results on Tuesday, May 12th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.02). As a group, research analysts predict that Adagio Medical Holdings, Inc. will post -1.58 earnings per share for the current year.

Hedge Funds Weigh In On Adagio Medical

Several hedge funds have recently bought and sold shares of ADGM. Granite Investment Partners LLC bought a new stake in Adagio Medical during the 1st quarter worth approximately $31,000. Cresset Asset Management LLC bought a new position in Adagio Medical in the 2nd quarter valued at $39,000. Geode Capital Management LLC grew its position in shares of Adagio Medical by 88.6% during the 4th quarter. Geode Capital Management LLC now owns 68,342 shares of the company’s stock valued at $71,000 after purchasing an additional 32,100 shares in the last quarter. Hudson Bay Capital Management LP purchased a new position in shares of Adagio Medical during the 4th quarter valued at $308,000. Finally, Armistice Capital LLC bought a new position in shares of Adagio Medical in the fourth quarter worth $497,000. Hedge funds and other institutional investors own 48.08% of the company’s stock.

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.