Adlai Nortye (NASDAQ:ANL) Trading Down 6.4% – What’s Next?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price fell 6.4% during trading on Monday . The stock traded as low as $8.94 and last traded at $9.24. Approximately 234,218 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 174,694 shares. The stock had previously closed at $9.87.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ANL. Oppenheimer began coverage on Adlai Nortye in a research note on Thursday, May 28th. They issued an “outperform” rating and a $32.00 price target on the stock. JonesTrading started coverage on shares of Adlai Nortye in a research note on Thursday, May 14th. They set a “buy” rating and a $22.00 price objective for the company. HC Wainwright upped their price objective on shares of Adlai Nortye from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Cantor Fitzgerald assumed coverage on shares of Adlai Nortye in a report on Monday, June 22nd. They set an “overweight” rating on the stock. Finally, Leerink Partners initiated coverage on shares of Adlai Nortye in a research report on Friday, March 20th. They issued an “outperform” rating and a $23.00 target price on the stock. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

Adlai Nortye Price Performance

The stock has a fifty day moving average of $11.29 and a two-hundred day moving average of $8.98.

Hedge Funds Weigh In On Adlai Nortye

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new position in shares of Adlai Nortye in the 1st quarter valued at about $457,000. ADAR1 Capital Management LLC purchased a new stake in shares of Adlai Nortye during the 1st quarter worth about $816,000. Affinity Asset Advisors LLC acquired a new stake in Adlai Nortye during the 1st quarter worth approximately $1,140,000. Finally, SmartHarvest Portfolios LLC increased its position in Adlai Nortye by 8.5% during the 1st quarter. SmartHarvest Portfolios LLC now owns 16,367 shares of the company’s stock worth $113,000 after purchasing an additional 1,279 shares in the last quarter. 35.21% of the stock is currently owned by hedge funds and other institutional investors.

Adlai Nortye Company Profile

Adlai Nortye Inc (NASDAQ: ANL) is a specialty chemical manufacturer headquartered in China’s Jiangsu Province. The company focuses on the research, development, production and sale of fine chemicals, with a primary emphasis on amino acids and their derivatives.

Adlai Nortye’s product portfolio includes betaine compounds, a range of high-purity L-amino acids such as L-methionine, L-threonine and glycine, as well as various chemical intermediates. These offerings serve multiple end markets, including animal feed and nutrition, personal care and cosmetic formulations, pharmaceutical ingredients and industrial chemical processes.

The company operates multiple production facilities alongside an in-house research and development center dedicated to process innovation and quality control.