Adlai Nortye (NASDAQ:ANL) Stock Price Down 6.4% – Should You Sell?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price dropped 6.4% during mid-day trading on Monday . The company traded as low as $8.94 and last traded at $9.24. 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.

Analyst Ratings Changes

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

Adlai Nortye Price Performance

The stock has a 50 day moving average of $11.17 and a 200-day moving average of $9.04.

Institutional Inflows and Outflows

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

About Adlai Nortye

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.