Adagio Medical (NASDAQ:ADGM) Earns Buy Rating from Analysts at Lake Street Capital

Lake Street Capital began coverage on shares of Adagio Medical (NASDAQ:ADGM) in a report published on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $4.00 target price on the stock.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Adagio Medical in a research report on Tuesday, November 25th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $4.00.

Adagio Medical Trading Down 3.0%

Adagio Medical stock opened at $0.89 on Tuesday. Adagio Medical has a one year low of $0.63 and a one year high of $2.87. The business’s fifty day moving average is $1.29 and its 200 day moving average is $1.37. The stock has a market capitalization of $13.70 million, a PE ratio of -0.59 and a beta of 0.16. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.84 and a quick ratio of 0.68.

Adagio Medical (NASDAQ:ADGM) last posted its earnings results on Thursday, October 30th. The company reported ($0.66) earnings per share (EPS) for the quarter.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC boosted its stake in shares of Adagio Medical by 0.7% during the 2nd quarter. Perceptive Advisors LLC now owns 9,876,576 shares of the company’s stock worth $12,840,000 after acquiring an additional 64,157 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Adagio Medical by 17.3% during the second quarter. Adage Capital Partners GP L.L.C. now owns 821,261 shares of the company’s stock valued at $1,068,000 after purchasing an additional 121,261 shares in the last quarter. Finally, Cresset Asset Management LLC purchased a new position in Adagio Medical during the second quarter valued at $39,000. 48.08% of the stock is currently owned by institutional investors.

About Adagio Medical

Adagio Medical Holdings, Inc, a developmental stage medical device company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. It offers treatment for cardiac arrhythmias, including atrial fibrillation, atrial flutter, and ventricular tachycardia.