Adlai Nortye (NASDAQ:ANL) Stock Falls 9.1% – Time to Sell?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL) shares dropped 9.1% during mid-day trading on Monday. The stock traded as low as $14.00 and last traded at $14.1910. Approximately 308,137 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 363,625 shares. The stock had previously closed at $15.62.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Cantor Fitzgerald started coverage on shares of Adlai Nortye in a report on Monday, June 22nd. They issued an “overweight” rating for the company. Jefferies Financial Group raised Adlai Nortye to a “strong-buy” rating in a report on Monday, October 5th. Wall Street Zen upgraded Adlai Nortye from a “hold” rating to a “buy” rating in a report on Saturday, October 3rd. Loop Capital set a $49.00 target price on shares of Adlai Nortye in a research note on Tuesday, September 8th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Adlai Nortye in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

Adlai Nortye Stock Down 7.4%

The firm has a 50 day moving average price of $14.57 and a 200 day moving average price of $12.65.

Insider Buying and Selling

In related news, CFO Xiaofeng Ye sold 5,667 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $14.25, for a total value of $80,754.75. Following the completion of the transaction, the chief financial officer owned 147,757 shares of the company’s stock, valued at approximately $2,105,537.25. This represents a 3.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ping Ji sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $15.99, for a total value of $159,900.00. Following the completion of the transaction, the director directly owned 121,453 shares of the company’s stock, valued at approximately $1,942,033.47. This trade represents a 7.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 26,881 shares of company stock worth $411,060.

Institutional Investors Weigh In On Adlai Nortye

Several institutional investors and hedge funds have recently modified their holdings of ANL. SmartHarvest Portfolios LLC increased its stake in Adlai Nortye by 8.5% in the 1st quarter. SmartHarvest Portfolios LLC now owns 16,367 shares of the company’s stock worth $113,000 after acquiring an additional 1,279 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Adlai Nortye in the 1st quarter worth about $457,000. Seven Fleet Capital Management LP bought a new stake in shares of Adlai Nortye in the 2nd quarter worth about $1,302,000. ADAR1 Capital Management LLC purchased a new stake in shares of Adlai Nortye during the 1st quarter valued at about $816,000. Finally, Affinity Asset Advisors LLC purchased a new position in Adlai Nortye in the first quarter worth about $1,140,000. Institutional investors own 35.21% of the company’s stock.

About Adlai Nortye

Adlai Nortye Ltd. (NASDAQ: ANL) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research and development programs are centered on immuno-oncology and targeted therapies intended to address unmet medical needs.

Adlai Nortye’s pipeline has included buparlisib, an oral pan-PI3K inhibitor being studied in oncology, as well as AN0025, an investigational EP4 antagonist designed to affect pathways involved in tumor growth and immune response.