Short Interest in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Grows By 66.4%

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 72,700 shares, an increase of 66.4% from the September 15th total of 43,700 shares. Based on an average trading volume of 104,700 shares, the short-interest ratio is currently 0.7 days. Approximately 0.2% of the company’s stock are sold short. Approximately 0.2% of the company’s stock are sold short. Based on an average trading volume of 104,700 shares, the short-interest ratio is currently 0.7 days.

Adagene Stock Performance

Shares of Adagene stock opened at $1.79 on Friday. Adagene has a 52-week low of $1.33 and a 52-week high of $3.16. The stock’s 50-day simple moving average is $2.06 and its 200 day simple moving average is $1.89.

Institutional Investors Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Gordian Capital Singapore Pte Ltd acquired a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the first quarter, according to its most recent 13F filing with the SEC. The fund acquired 18,900 shares of the company’s stock, valued at approximately $29,000. 9.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADAG has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research note on Wednesday, October 8th. Leerink Partners initiated coverage on Adagene in a research note on Wednesday, August 6th. They set an “outperform” rating and a $7.00 target price on the stock. Leerink Partnrs upgraded Adagene to a “strong-buy” rating in a research note on Wednesday, August 6th. Finally, HC Wainwright lowered their target price on Adagene from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Adagene has a consensus rating of “Moderate Buy” and an average price target of $7.00.

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.