Short Interest in Adagene Inc. (NASDAQ:ADAG) Expands By 21.9%

Adagene Inc. (NASDAQ:ADAG) saw a large growth in short interest in January. As of January 15th, there was short interest totalling 79,600 shares, a growth of 21.9% from the December 31st total of 65,300 shares. Approximately 0.2% of the company’s shares are short sold. Based on an average trading volume of 60,400 shares, the days-to-cover ratio is presently 1.3 days.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ADAG shares. HC Wainwright lifted their price objective on shares of Adagene from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Morgan Stanley lowered shares of Adagene from an “overweight” rating to an “equal weight” rating in a research note on Friday.

Adagene Stock Performance

Shares of ADAG stock opened at $1.90 on Friday. The firm has a fifty day simple moving average of $2.02 and a two-hundred day simple moving average of $2.38. Adagene has a 12 month low of $1.74 and a 12 month high of $3.85.

Institutional Trading of Adagene

Several institutional investors have recently made changes to their positions in ADAG. Exome Asset Management LLC grew its stake 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. Mill Creek Capital Advisors LLC grew its stake in shares of Adagene by 119.6% in the 4th quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock worth $397,000 after acquiring an additional 108,702 shares in the last quarter. Finally, Catalina Capital Group LLC grew its stake 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. Institutional investors own 9.51% of the company’s stock.

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.