Adlai Nortye (NASDAQ:ANL) Shares Up 6.3% – Here’s What Happened

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price was up 6.3% during mid-day trading on Wednesday . The company traded as high as $14.66 and last traded at $14.61. Approximately 67,339 shares changed hands during trading, a decline of 83% from the average session volume of 397,252 shares. The stock had previously closed at $13.74.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Cantor Fitzgerald began coverage on shares of Adlai Nortye in a research note on Monday, June 22nd. They set an “overweight” rating for the company. Oppenheimer assumed coverage on Adlai Nortye in a research note on Thursday, May 28th. They issued an “outperform” rating and a $32.00 target price for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Adlai Nortye in a research report on Tuesday, July 14th. Wall Street Zen upgraded Adlai Nortye from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, JonesTrading initiated coverage on Adlai Nortye in a report on Thursday, May 14th. They issued a “buy” rating and a $22.00 price objective on the stock. Five analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

Adlai Nortye Stock Up 6.5%

The firm’s 50 day simple moving average is $11.91 and its 200 day simple moving average is $11.13. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.65 and a current ratio of 9.55.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. SmartHarvest Portfolios LLC grew 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 during the period. 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 in the first quarter worth about $816,000. Affinity Asset Advisors LLC acquired a new stake in Adlai Nortye during the first quarter worth about $1,140,000. Finally, Seven Fleet Capital Management LP acquired a new stake in Adlai Nortye during the second quarter worth about $1,302,000. 35.21% of the stock is currently owned by institutional investors and hedge funds.

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.