Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Decreases By 36.8%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a large decrease in short interest in the month of December. As of December 15th, there was short interest totaling 15,970 shares, a decrease of 36.8% from the November 30th total of 25,265 shares. Based on an average daily volume of 59,980 shares, the short-interest ratio is presently 0.3 days. Currently, 0.0% of the company’s stock are sold short. Currently, 0.0% of the company’s stock are sold short. Based on an average daily volume of 59,980 shares, the short-interest ratio is presently 0.3 days.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADAG shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a report on Wednesday, October 8th. Lifesci Capital raised Adagene to a “strong-buy” rating in a report on Friday, November 14th. Finally, Guggenheim started coverage on Adagene in a research report on Monday, November 24th. They set a “buy” rating and a $9.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.67.

Adagene Price Performance

Shares of Adagene stock opened at $1.78 on Friday. Adagene has a one year low of $1.30 and a one year high of $3.16. The business has a 50-day simple moving average of $1.83 and a 200-day simple moving average of $1.95.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. 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 worth $96,000 after acquiring an additional 24,342 shares during the period. Citadel Advisors LLC acquired a new position in Adagene in the 3rd quarter valued at $80,000. Finally, Marex Group plc acquired a new position in Adagene during the second quarter worth approximately $47,000. Institutional investors and hedge funds 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.