Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Short Interest Update

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the recipient of a significant growth in short interest in 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. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 344,807 shares, the days-to-cover ratio is presently 0.2 days.

Adagene Trading Down 8.9%

Shares of ADAG stock opened at $3.77 on Friday. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.58. The stock has a 50 day moving average price of $3.10 and a two-hundred day moving average price of $2.30.

Institutional Investors Weigh In On Adagene

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Marex Group plc bought a new stake in Adagene in the 2nd quarter worth $47,000. SmartHarvest Portfolios LLC bought a new position in shares of Adagene during the fourth quarter valued at about $73,000. Citadel Advisors LLC bought a new position in shares of Adagene during the third quarter valued at about $80,000. Gordian Capital Singapore Pte Ltd boosted its holdings 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 purchasing an additional 24,342 shares during the period. Finally, Fifth Lane Capital LP grew its stake in shares of Adagene by 427.3% in the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock worth $274,000 after purchasing an additional 117,500 shares during the last quarter. 9.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on ADAG shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Wednesday, January 21st. Wall Street Zen raised shares of Adagene to a “hold” rating in a research note on Saturday, March 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 MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $7.67.

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.