Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Expands By 48.9%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totaling 23,778 shares, a growth of 48.9% from the December 15th total of 15,970 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 42,443 shares, the short-interest ratio is currently 0.6 days. Based on an average daily volume of 42,443 shares, the short-interest ratio is currently 0.6 days. Currently, 0.1% of the shares of the company are sold short.

Adagene Trading Up 2.1%

Shares of ADAG stock opened at $1.96 on Friday. Adagene has a 12-month low of $1.30 and a 12-month high of $3.16. The business’s 50 day moving average is $1.84 and its two-hundred day moving average is $1.93.

Wall Street Analyst Weigh In

ADAG has been the subject of a number of recent research reports. Guggenheim assumed coverage on Adagene in a research note on Monday, November 24th. They set a “buy” rating and a $9.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Wednesday, October 8th. Finally, Lifesci Capital raised Adagene to a “strong-buy” rating in a report on Friday, November 14th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Adagene presently has an average rating of “Moderate Buy” and an average target price of $7.67.

Institutional Investors Weigh In On Adagene

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gordian Capital Singapore Pte Ltd lifted its holdings in 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. Citadel Advisors LLC acquired a new position in shares of Adagene during the 3rd quarter worth about $80,000. Finally, Marex Group plc purchased a new position in Adagene in the 2nd quarter valued at about $47,000. 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.