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

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 47,428 shares, a drop of 24.5% from the January 29th total of 62,815 shares. Based on an average daily volume of 121,740 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.1% of the shares of the company are short sold. Approximately 0.1% of the shares of the company are short sold. Based on an average daily volume of 121,740 shares, the days-to-cover ratio is presently 0.4 days.

Adagene Stock Performance

NASDAQ:ADAG opened at $2.96 on Tuesday. Adagene has a 1 year low of $1.30 and a 1 year high of $3.53. The stock’s fifty day moving average price is $2.42 and its two-hundred day moving average price is $2.12.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ADAG. Lifesci Capital upgraded shares of Adagene to a “strong-buy” rating in a research report on Friday, November 14th. Guggenheim initiated coverage on shares of Adagene in a research report on Monday, November 24th. They set a “buy” rating and a $9.00 target price for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a research note on Wednesday, January 21st. Two research 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, the company has a consensus rating of “Buy” and a consensus price target of $7.67.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Marex Group plc purchased a new stake in shares of Adagene in the second quarter worth about $47,000. SmartHarvest Portfolios LLC bought a new stake in Adagene during the 4th quarter worth approximately $73,000. Citadel Advisors LLC bought a new stake in Adagene during the 3rd quarter worth approximately $80,000. Gordian Capital Singapore Pte Ltd lifted its stake in Adagene by 101.4% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after purchasing an additional 24,342 shares in the last quarter. Finally, Fifth Lane Capital LP boosted its holdings in Adagene by 427.3% in the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after purchasing an additional 117,500 shares during the period. Hedge funds and other institutional investors own 9.51% of the company’s stock.

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.