Adagene Inc. (NASDAQ:ADAG) Short Interest Update

Adagene Inc. (NASDAQ:ADAG) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 13,500 shares, a growth of 400.0% from the May 31st total of 2,700 shares. Approximately 0.0% of the shares of the company are short sold. Based on an average trading volume of 32,700 shares, the days-to-cover ratio is currently 0.4 days.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and set a $5.00 price target on shares of Adagene in a report on Friday.

Adagene Price Performance

Shares of ADAG stock traded down $0.08 during midday trading on Friday, reaching $3.01. 323 shares of the company were exchanged, compared to its average volume of 72,469. The company’s 50 day moving average price is $2.62 and its two-hundred day moving average price is $2.76. Adagene has a 12 month low of $1.10 and a 12 month high of $4.38. The company has a quick ratio of 3.61, a current ratio of 3.61 and a debt-to-equity ratio of 0.19.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Adagene stock. WuXi AppTec Co. Ltd. purchased a new stake in shares of Adagene Inc. (NASDAQ:ADAG) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,225,696 shares of the company’s stock, valued at approximately $8,162,000. Adagene accounts for about 21.2% of WuXi AppTec Co. Ltd.’s investment portfolio, making the stock its 3rd biggest position. WuXi AppTec Co. Ltd. owned 9.64% of Adagene as of its most recent filing with the Securities and Exchange Commission. 9.51% of the stock is currently 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.