Adagene Inc. (NASDAQ:ADAG) Sees Large Drop in Short Interest

Adagene Inc. (NASDAQ:ADAG) saw a significant drop in short interest in November. As of November 15th, there was short interest totalling 1,500 shares, a drop of 87.8% from the October 31st total of 12,300 shares. Based on an average daily trading volume, of 62,600 shares, the short-interest ratio is presently 0.0 days.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $5.00 price objective on shares of Adagene in a research report on Wednesday, September 18th.

Adagene Stock Up 4.1 %

ADAG traded up $0.09 during midday trading on Wednesday, hitting $2.31. The company’s stock had a trading volume of 31,895 shares, compared to its average volume of 68,127. Adagene has a 52-week low of $1.35 and a 52-week high of $4.38. The firm has a 50-day moving average price of $2.48 and a two-hundred day moving average price of $2.63.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ADAG. Catalina Capital Group LLC purchased a new stake in shares of Adagene during the 2nd quarter valued at about $51,000. Mill Creek Capital Advisors LLC purchased a new stake in shares of Adagene during the third quarter valued at approximately $202,000. Finally, Artal Group S.A. raised its stake in shares of Adagene by 2.0% during the first quarter. Artal Group S.A. now owns 1,020,000 shares of the company’s stock valued at $2,856,000 after purchasing an additional 20,000 shares during the period. Hedge funds and other institutional investors own 9.51% of the company’s stock.

About Adagene

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.