Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Sees Large Increase in Short Interest

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a significant increase in short interest in April. As of April 15th, there was short interest totaling 411,325 shares, an increase of 477.3% from the March 31st total of 71,244 shares. Currently, 1.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 517,839 shares, the short-interest ratio is currently 0.8 days.

Hedge Funds Weigh In On Adagene

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Marex Group plc bought a new position in Adagene in the second quarter valued at approximately $47,000. Gordian Capital Singapore Pte Ltd boosted its stake in Adagene by 101.4% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock valued at $96,000 after acquiring an additional 24,342 shares during the last quarter. SmartHarvest Portfolios LLC bought a new position in Adagene in the fourth quarter valued at approximately $73,000. Citadel Advisors LLC bought a new position in shares of Adagene during the third quarter worth $80,000. Finally, Fifth Lane Capital LP boosted its position in shares of Adagene by 427.3% during 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 in the last quarter. 9.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Adagene to a “hold” rating in a research report on Saturday, March 21st. Guggenheim upped their price objective on Adagene from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, April 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $8.00.

Adagene Stock Performance

ADAG stock traded down $0.05 during midday trading on Friday, reaching $3.69. The company’s stock had a trading volume of 101,033 shares, compared to its average volume of 237,747. Adagene has a 52 week low of $1.30 and a 52 week high of $4.75. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.07 and a quick ratio of 3.07. The business’s 50-day simple moving average is $3.62 and its 200-day simple moving average is $2.55.

Adagene (NASDAQ:ADAG) last announced its quarterly earnings data on Saturday, February 14th. The company reported ($0.04) earnings per share (EPS) for the quarter. The business had revenue of $3.84 million for the quarter. Analysts predict that Adagene will post -0.49 earnings per share for the current fiscal year.

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.