Adagene Inc. (NASDAQ:ADAG) Sees Large Decrease in Short Interest

Adagene Inc. (NASDAQ:ADAG) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 12,300 shares, a drop of 42.5% from the October 15th total of 21,400 shares. Currently, 0.0% of the company’s shares are sold short. Based on an average trading volume of 88,800 shares, the short-interest ratio is presently 0.1 days.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and set a $5.00 price objective on shares of Adagene in a report on Wednesday, September 18th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ADAG. Artal Group S.A. increased its holdings in Adagene by 2.0% in the first quarter. Artal Group S.A. now owns 1,020,000 shares of the company’s stock valued at $2,856,000 after purchasing an additional 20,000 shares during the last quarter. Mill Creek Capital Advisors LLC bought a new stake in shares of Adagene in the 3rd quarter valued at about $202,000. Finally, Catalina Capital Group LLC acquired a new stake in shares of Adagene in the 2nd quarter valued at approximately $51,000. Institutional investors and hedge funds own 9.51% of the company’s stock.

Adagene Stock Performance

Shares of NASDAQ ADAG opened at $2.45 on Wednesday. Adagene has a fifty-two week low of $1.33 and a fifty-two week high of $4.38. The company’s 50 day simple moving average is $2.62 and its 200 day simple moving average is $2.63.

About Adagene

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.