Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Sees Significant Increase in Short Interest

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) saw a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 43,700 shares, a growth of 320.2% from the August 31st total of 10,400 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 100,800 shares, the short-interest ratio is presently 0.4 days. Based on an average daily volume of 100,800 shares, the short-interest ratio is presently 0.4 days. Approximately 0.1% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ADAG shares. Leerink Partners started coverage on shares of Adagene in a report on Wednesday, August 6th. They set an “outperform” rating and a $7.00 price target on the stock. Leerink Partnrs upgraded shares of Adagene to a “strong-buy” rating in a report on Wednesday, August 6th. Finally, HC Wainwright dropped their target price on shares of Adagene from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Adagene currently has an average rating of “Buy” and a consensus price target of $7.00.

Institutional Investors Weigh In On Adagene

An institutional investor recently bought a new position in Adagene stock. Gordian Capital Singapore Pte Ltd purchased a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 18,900 shares of the company’s stock, valued at approximately $29,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Stock Performance

Shares of ADAG stock opened at $2.00 on Thursday. The company’s 50-day simple moving average is $2.10 and its two-hundred day simple moving average is $1.87. Adagene has a one year low of $1.33 and a one year high of $3.16.

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.