Adagene Inc. (NASDAQ:ADAG) Short Interest Update

Adagene Inc. (NASDAQ:ADAG) was the target of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 35,400 shares, a decrease of 50.2% from the January 15th total of 71,100 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average trading volume of 93,700 shares, the short-interest ratio is presently 0.4 days.

Adagene Stock Performance

ADAG opened at $1.75 on Thursday. The stock’s 50 day simple moving average is $1.94 and its 200 day simple moving average is $2.34. Adagene has a 1-year low of $1.68 and a 1-year high of $3.78.

Hedge Funds Weigh In On Adagene

Several hedge funds have recently bought and sold shares of ADAG. General Atlantic L.P. increased its position in Adagene by 1,349.2% during the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock worth $7,614,000 after buying an additional 3,561,952 shares in the last quarter. Exome Asset Management LLC increased 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 worth $583,000 after buying an additional 111,749 shares in the last quarter. Mill Creek Capital Advisors LLC increased 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 worth $397,000 after buying an additional 108,702 shares in the last quarter. Finally, Catalina Capital Group LLC increased 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 worth $58,000 after buying an additional 16,461 shares in the last quarter. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ADAG shares. HC Wainwright upped their price target on Adagene from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Morgan Stanley cut Adagene from an “overweight” rating to an “equal weight” rating in a report on Friday, January 31st.

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.