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

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 74,016 shares, an increase of 44.6% from the February 26th total of 51,190 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average daily trading volume, of 344,807 shares, the short-interest ratio is currently 0.2 days.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $3.77 on Friday. The company’s 50-day moving average is $3.10 and its 200 day moving average is $2.31. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.58.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ADAG shares. Wall Street Zen upgraded Adagene to a “hold” rating in a research note on Saturday, March 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $7.67.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADAG. Exome Asset Management LLC bought a new position in shares of Adagene during the 4th quarter valued at approximately $2,004,000. Fifth Lane Capital LP lifted its stake in Adagene by 427.3% in 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 during the last quarter. Gordian Capital Singapore Pte Ltd grew 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 during the period. Citadel Advisors LLC bought a new position in Adagene during the third quarter valued at $80,000. Finally, SmartHarvest Portfolios LLC purchased a new stake in Adagene in the fourth quarter worth $73,000. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

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.