Adagio Medical Holdings, Inc. (NASDAQ:ADGM) Sees Large Decrease in Short Interest

Adagio Medical Holdings, Inc. (NASDAQ:ADGM) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 132,959 shares, a drop of 89.7% from the September 30th total of 1,287,260 shares. Based on an average trading volume of 4,090,807 shares, the days-to-cover ratio is currently 0.0 days. Approximately 0.5% of the shares of the stock are short sold.

Adagio Medical Price Performance

NASDAQ:ADGM traded down $0.01 during mid-day trading on Monday, reaching $0.10. 622,725 shares of the stock were exchanged, compared to its average volume of 3,085,098. The company has a current ratio of 1.41, a quick ratio of 1.15 and a debt-to-equity ratio of 4.00. The business has a fifty day moving average price of $0.36 and a 200 day moving average price of $0.66. Adagio Medical has a 1-year low of $0.08 and a 1-year high of $1.69. The firm has a market capitalization of $2.65 million, a PE ratio of -0.07 and a beta of 0.01.

Adagio Medical (NASDAQ:ADGM) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). Research analysts expect that Adagio Medical will post -1.25 earnings per share for the current fiscal year.

Institutional Trading of Adagio Medical

An institutional investor recently bought a new position in Adagio Medical stock. ADAR1 Capital Management LLC purchased a new position in Adagio Medical Holdings, Inc. (NASDAQ:ADGM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,205,447 shares of the company’s stock, valued at approximately $785,000. ADAR1 Capital Management LLC owned about 5.43% of Adagio Medical as of its most recent filing with the Securities & Exchange Commission. 48.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded Adagio Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 19th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Adagio Medical has an average rating of “Hold” and a consensus price target of $3.50.

Adagio Medical Company Profile

Adagio Medical, Inc is a medical device company focused on developing catheter-based technologies for the treatment of cardiac arrhythmias, including atrial fibrillation and ventricular tachycardia. The company’s products are designed for use in cardiac ablation procedures, which create precisely positioned lesions in heart tissue to interrupt abnormal electrical signals.

Adagio Medical’s primary technology is the Integrated Cardiac Ablation System, or iCLAS. The system uses ultra-low-temperature cryoablation and a flexible catheter platform intended to create continuous, transmural lesions around targeted areas of the heart.