Adlai Nortye (NASDAQ:ANL) Shares Down 8.6% – What’s Next?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price dropped 8.6% during mid-day trading on Tuesday. The stock traded as low as $10.20 and last traded at $10.1920. 65,454 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 359,960 shares. The stock had previously closed at $11.15.

Analysts Set New Price Targets

A number of equities analysts have commented on ANL shares. Jefferies Financial Group upgraded shares of Adlai Nortye to a “strong-buy” rating in a research note on Monday, October 5th. Loop Capital set a $49.00 price target on shares of Adlai Nortye in a research note on Tuesday, September 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Adlai Nortye in a report on Monday, October 12th. Wall Street Zen cut Adlai Nortye from a “buy” rating to a “hold” rating in a research note on Saturday, October 31st. Finally, HC Wainwright restated a “buy” rating and set a $20.00 price objective on shares of Adlai Nortye in a report on Tuesday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $29.50.

Adlai Nortye Trading Up 8.9%

The company’s fifty day simple moving average is $13.17 and its 200-day simple moving average is $11.58.

Insider Activity

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

Institutional Trading of Adlai Nortye

A number of hedge funds have recently bought and sold shares of ANL. State Street Corp bought a new position in shares of Adlai Nortye in the 3rd quarter worth $579,000. ACT Capital Partners L.P. bought a new stake in Adlai Nortye during the third quarter valued at about $430,000. China Universal Asset Management Co. Ltd. bought a new stake in Adlai Nortye during the third quarter valued at about $25,000. Seven Fleet Capital Management LP purchased a new position in Adlai Nortye in the second quarter valued at about $1,302,000. Finally, Braidwell LP purchased a new position in Adlai Nortye in the second quarter valued at about $9,145,000. Hedge funds and other institutional investors own 35.21% of the company’s stock.

Adlai Nortye Company Profile

Adlai Nortye is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Founded in 2004 and headquartered in Hangzhou, China, the company conducts drug research and development for potential use in China and international markets. Its investigational oncology pipeline includes AN2025, a pan-RAF inhibitor; AN0025, an EP4 antagonist; and AN4005, an adenosine A2A/A2B receptor antagonist. These candidates are being studied for their potential to treat solid tumors, including in combination with other cancer therapies.