Adlai Nortye (NASDAQ:ANL) Stock Price Up 9.1% – Here’s What Happened

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price rose 9.1% on Wednesday. The company traded as high as $11.55 and last traded at $11.6050. Approximately 353,476 shares were traded during trading, a decline of 4% from the average daily volume of 369,202 shares. The stock had previously closed at $10.64.

Analysts Set New Price Targets

A number of brokerages have issued reports on ANL. Jefferies Financial Group raised shares of Adlai Nortye to a “strong-buy” rating in a research report on Monday, October 5th. Loop Capital set a $49.00 price objective on Adlai Nortye in a report on Tuesday, September 8th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Adlai Nortye in a research report on Tuesday, September 8th. Wall Street Zen raised shares of Adlai Nortye from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Adlai Nortye in a report on Monday, October 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.50.

Adlai Nortye Price Performance

The stock’s 50-day simple moving average is $14.25 and its two-hundred day simple moving average is $12.83.

Insider Activity at Adlai Nortye

In other Adlai Nortye news, CFO Xiaofeng Ye sold 5,667 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $14.25, for a total value of $80,754.75. Following the sale, the chief financial officer owned 147,757 shares in the company, valued at $2,105,537.25. This trade represents a 3.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 firm’s stock in a transaction that occurred on Wednesday, September 30th. The stock was sold at an average price of $15.99, for a total transaction of $159,900.00. Following the transaction, the director directly owned 121,453 shares in the company, valued at approximately $1,942,033.47. This trade represents a 7.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 26,881 shares of company stock valued at $411,060 over the last ninety days.

Hedge Funds Weigh In On Adlai Nortye

A number of large investors have recently made changes to their positions in the business. Seven Fleet Capital Management LP purchased a new position in Adlai Nortye during the second quarter valued at approximately $1,302,000. Braidwell LP purchased a new stake in Adlai Nortye during the second quarter worth $9,145,000. Boone Capital Management LLC acquired a new position in shares of Adlai Nortye in the second quarter worth about $2,971,000. ADAR1 Capital Management LLC purchased a new position in shares of Adlai Nortye in the 1st quarter valued at about $816,000. Finally, Affinity Asset Advisors LLC acquired a new position in Adlai Nortye in the 1st quarter worth about $1,140,000. 35.21% of the stock is owned by institutional investors and hedge funds.

About Adlai Nortye

Adlai Nortye (NASDAQ: ANL) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research is centered on treatments designed to stimulate or enhance the immune system’s ability to identify and attack cancer cells.

Adlai Nortye’s pipeline includes buparlisib, an oral pan-class I phosphoinositide 3-kinase inhibitor being investigated in oncology. The company has evaluated buparlisib in combination with immunotherapy for patients with recurrent or metastatic head and neck squamous cell carcinoma.