Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Rises By 283.2%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a significant growth in short interest in the month of January. As of January 30th, there was short interest totaling 62,815 shares, a growth of 283.2% from the January 15th total of 16,394 shares. Based on an average trading volume of 358,011 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.2% of the shares of the company are short sold. Approximately 0.2% of the shares of the company are short sold. Based on an average trading volume of 358,011 shares, the days-to-cover ratio is currently 0.2 days.

Analysts Set New Price Targets

ADAG has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research note on Wednesday, January 21st. Guggenheim assumed coverage on Adagene in a research report on Monday, November 24th. They set a “buy” rating and a $9.00 target price on the stock. Finally, Lifesci Capital raised Adagene to a “strong-buy” rating in a report on Friday, November 14th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $7.67.

Adagene Stock Performance

Shares of NASDAQ ADAG opened at $3.10 on Thursday. The stock’s 50-day moving average is $2.08 and its two-hundred day moving average is $2.02. Adagene has a 1-year low of $1.30 and a 1-year high of $3.19.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Gordian Capital Singapore Pte Ltd grew its holdings in Adagene by 101.4% during the 3rd 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 in the last quarter. Citadel Advisors LLC acquired a new position in shares of Adagene during the third quarter worth $80,000. Finally, Marex Group plc purchased a new position in Adagene in the second quarter valued at $47,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Company Profile

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.