Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Expands By 44.6%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the target of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 74,016 shares, a growth of 44.6% from the February 26th total of 51,190 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average trading volume of 344,807 shares, the days-to-cover ratio is presently 0.2 days.

Analyst Upgrades and Downgrades

ADAG has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research report on Wednesday, January 21st. Wall Street Zen upgraded shares of Adagene to a “hold” rating in a report on Saturday, March 21st. Two research 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $7.67.

Institutional Investors Weigh In On Adagene

Institutional investors and hedge funds have recently bought and sold shares of the stock. Marex Group plc purchased a new position in Adagene during the 2nd quarter worth $47,000. SmartHarvest Portfolios LLC purchased a new stake in shares of Adagene in the fourth quarter valued at about $73,000. Citadel Advisors LLC purchased a new stake in shares of Adagene in the third quarter valued at about $80,000. Gordian Capital Singapore Pte Ltd lifted its position 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 purchasing an additional 24,342 shares in the last quarter. Finally, Fifth Lane Capital LP lifted its position 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 purchasing an additional 117,500 shares in the last quarter. 9.51% of the stock is owned by hedge funds and other institutional investors.

Adagene Price Performance

Shares of Adagene stock opened at $3.77 on Friday. Adagene has a 52 week low of $1.30 and a 52 week high of $4.58. The business has a 50 day moving average price of $3.10 and a 200-day moving average price of $2.31.

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.