Aadi Bioscience, Inc. (NASDAQ:AADI) Sees Large Decline in Short Interest

Aadi Bioscience, Inc. (NASDAQ:AADI) was the recipient of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 256,500 shares, a decline of 8.8% from the October 31st total of 281,100 shares. Approximately 1.3% of the company’s shares are sold short. Based on an average daily trading volume, of 148,600 shares, the days-to-cover ratio is presently 1.7 days.

Aadi Bioscience Stock Up 0.4 %

Shares of AADI stock traded up $0.01 during mid-day trading on Wednesday, hitting $2.49. 101,485 shares of the company’s stock were exchanged, compared to its average volume of 259,140. Aadi Bioscience has a fifty-two week low of $1.21 and a fifty-two week high of $5.54. The stock has a 50-day simple moving average of $2.09 and a two-hundred day simple moving average of $1.80. The stock has a market cap of $61.38 million, a price-to-earnings ratio of -1.09 and a beta of 0.73.

Aadi Bioscience (NASDAQ:AADI) last issued its earnings results on Wednesday, November 6th. The company reported ($0.46) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.46). Aadi Bioscience had a negative return on equity of 71.87% and a negative net margin of 246.06%. The firm had revenue of $7.21 million for the quarter, compared to analysts’ expectations of $6.55 million. During the same quarter last year, the firm earned ($0.60) earnings per share. As a group, analysts anticipate that Aadi Bioscience will post -1.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on AADI shares. HC Wainwright restated a “neutral” rating on shares of Aadi Bioscience in a report on Wednesday, August 21st. Piper Sandler downgraded Aadi Bioscience from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $5.00 to $1.75 in a report on Tuesday, August 27th. Piper Sandler Companies downgraded Aadi Bioscience from an “overweight” rating to a “neutral” rating and set a $1.75 price target on the stock. in a report on Tuesday, August 27th. Jefferies Financial Group cut Aadi Bioscience from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $11.00 to $1.50 in a research report on Wednesday, August 21st. Finally, TD Cowen cut Aadi Bioscience from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $1.67.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AADI. XTX Topco Ltd purchased a new position in Aadi Bioscience in the third quarter valued at about $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Aadi Bioscience in the second quarter valued at about $37,000. Acuitas Investments LLC raised its position in Aadi Bioscience by 10.8% in the second quarter. Acuitas Investments LLC now owns 352,483 shares of the company’s stock valued at $515,000 after purchasing an additional 34,344 shares during the period. Finally, BML Capital Management LLC purchased a new position in Aadi Bioscience in the third quarter valued at about $4,120,000. Institutional investors and hedge funds own 52.08% of the company’s stock.

About Aadi Bioscience

Aadi Bioscience, Inc, a biopharmaceutical company, engages in developing and commercializing precision therapies for genetically defined cancers with alterations in mTOR pathway genes. Its lead drug product candidate comprises FYARRO, a form of sirolimus protein-bound particles for injectable suspension for the treatment in adult patients with advanced unresectable or metastatic malignant PEComa.