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

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

Wall Street Analysts Forecast Growth

ADAG has been the topic of a number of recent research reports. Morgan Stanley lowered Adagene from an “overweight” rating to an “equal weight” rating in a research note on Friday, January 31st. HC Wainwright increased their price target on Adagene from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, January 27th.

Institutional Investors Weigh In On Adagene

A number of large investors have recently modified their holdings of the business. Fifth Lane Capital LP acquired a new stake in shares of Adagene in the 4th quarter valued at $54,000. Kamunting Street Capital Management L.P. acquired a new stake in shares of Adagene in the 4th quarter valued at $251,000. General Atlantic L.P. boosted its holdings 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 valued at $7,614,000 after purchasing an additional 3,561,952 shares in the last quarter. Mill Creek Capital Advisors LLC boosted its holdings 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 valued at $397,000 after purchasing an additional 108,702 shares in the last quarter. Finally, Catalina Capital Group LLC boosted its holdings 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 valued at $58,000 after purchasing an additional 16,461 shares in the last quarter. Institutional investors and hedge funds own 9.51% of the company’s stock.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $1.76 on Friday. The business’s 50 day simple moving average is $1.92 and its 200 day simple moving average is $2.33. Adagene has a 1 year low of $1.64 and a 1 year high of $3.66.

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.