Adagene Inc. (NASDAQ:ADAG) Short Interest Down 50.2% in January

Adagene Inc. (NASDAQ:ADAG) saw a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 35,400 shares, a decrease of 50.2% from the January 15th total of 71,100 shares. Based on an average trading volume of 93,700 shares, the short-interest ratio is presently 0.4 days. Currently, 0.1% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADAG. HC Wainwright increased their price target on Adagene from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Morgan Stanley cut Adagene from an “overweight” rating to an “equal weight” rating in a research note on Friday, January 31st.

Adagene Stock Down 2.8 %

Shares of NASDAQ:ADAG opened at $1.76 on Friday. Adagene has a 12-month low of $1.64 and a 12-month high of $3.66. The business has a fifty day simple moving average of $1.92 and a 200 day simple moving average of $2.33.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADAG. Mill Creek Capital Advisors LLC bought a new position in Adagene during the 3rd quarter worth $202,000. Exome Asset Management LLC raised its position in shares of Adagene by 74.1% in the 3rd quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock worth $583,000 after acquiring an additional 111,749 shares in the last quarter. Catalina Capital Group LLC raised its position in shares of Adagene by 129.2% in the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock worth $58,000 after acquiring an additional 16,461 shares in the last quarter. General Atlantic L.P. raised its position in shares of Adagene by 1,349.2% in the 4th quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock worth $7,614,000 after acquiring an additional 3,561,952 shares in the last quarter. Finally, Kamunting Street Capital Management L.P. bought a new position in shares of Adagene in the 4th quarter worth about $251,000. 9.51% of the stock is owned by institutional investors.

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.