Adagio Medical (NASDAQ:ADGM) Issues Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Adagio Medical (NASDAQ:ADGM) released its earnings results on Tuesday. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03), Zacks reports.

Adagio Medical Stock Down 8.4%

Adagio Medical stock traded down $0.06 during midday trading on Tuesday, hitting $0.68. 638,776 shares of the stock were exchanged, compared to its average volume of 3,422,042. Adagio Medical has a 52-week low of $0.36 and a 52-week high of $2.58. The business’s 50-day moving average price is $0.62 and its 200-day moving average price is $0.91. The company has a quick ratio of 1.66, a current ratio of 1.85 and a debt-to-equity ratio of 4.00. The stock has a market capitalization of $15.15 million, a price-to-earnings ratio of -0.46 and a beta of -0.15.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Cresset Asset Management LLC bought a new stake in shares of Adagio Medical during the 2nd quarter worth $39,000. Adage Capital Partners GP L.L.C. increased its holdings 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 worth $1,068,000 after buying an additional 121,261 shares during the last quarter. Perceptive Advisors LLC raised its position in Adagio Medical by 0.7% in the second 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 period. Geode Capital Management LLC boosted its stake in Adagio Medical by 88.6% in the fourth quarter. Geode Capital Management LLC now owns 68,342 shares of the company’s stock valued at $71,000 after acquiring an additional 32,100 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in Adagio Medical in the fourth quarter valued at about $1,206,000. Hedge funds and other institutional investors own 48.08% of the company’s stock.

Wall Street Analysts Forecast Growth

ADGM has been the subject of a number of analyst reports. Zacks Research raised shares of Adagio Medical to a “hold” rating in a research note on Wednesday, April 15th. Piper Sandler assumed coverage on shares of Adagio Medical in a research report on Tuesday, April 14th. They set an “overweight” rating and a $3.00 price target on the stock. Finally, Weiss Ratings upgraded Adagio Medical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.50.

About Adagio Medical

Adagio Medical, Inc (NASDAQ: ADGM) is a medical device company focused on the development and commercialization of a noninvasive system for monitoring intracranial pressure (ICP). The company’s proprietary technology uses tympanic membrane displacement to provide clinicians with real-time estimates of ICP without the risks associated with invasive catheter methods. This approach is designed to improve patient safety, reduce complications, and streamline neurological monitoring in acute and critical care settings.

At the core of Adagio Medical’s pipeline is its ADGM System, which is intended for use in hospitals, emergency departments, and other clinical environments where rapid and accurate assessment of ICP is crucial.