Adagene Inc. (NASDAQ:ADAG) Sees Significant Growth in Short Interest

Adagene Inc. (NASDAQ:ADAG) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 79,600 shares, a growth of 21.9% from the December 31st total of 65,300 shares. Based on an average trading volume of 60,400 shares, the short-interest ratio is currently 1.3 days. Currently, 0.2% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Separately, HC Wainwright raised their target price on shares of Adagene from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Monday.

Adagene Price Performance

ADAG opened at $1.85 on Friday. The company has a fifty day moving average of $2.02 and a 200 day moving average of $2.39. Adagene has a fifty-two week low of $1.74 and a fifty-two week high of $3.85.

Hedge Funds Weigh In On Adagene

Institutional investors have recently bought and sold shares of the business. Exome Asset Management LLC lifted its position in Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock valued at $583,000 after purchasing an additional 111,749 shares during the last quarter. Mill Creek Capital Advisors LLC lifted its position in Adagene by 119.6% during the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock valued at $397,000 after purchasing an additional 108,702 shares during the last quarter. Finally, Catalina Capital Group LLC lifted its position in Adagene by 129.2% during the fourth quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock valued at $58,000 after purchasing an additional 16,461 shares during the last quarter. Institutional investors own 9.51% of the company’s stock.

Adagene Company Profile

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.