Adagene Inc. (NASDAQ:ADAG) Short Interest Down 50.2% in January

Adagene Inc. (NASDAQ:ADAG) was the recipient of a significant decrease in short interest during the month of January. As of January 31st, there was short interest totalling 35,400 shares, a decrease of 50.2% from the January 15th total of 71,100 shares. Based on an average daily trading volume, of 93,700 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.1% of the company’s shares are sold short.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ADAG. Morgan Stanley downgraded Adagene from an “overweight” rating to an “equal weight” rating in a report on Friday, January 31st. HC Wainwright lifted their target price on Adagene from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, January 27th.

Institutional Trading of Adagene

Several institutional investors and hedge funds have recently modified their holdings of the stock. Catalina Capital Group LLC increased its holdings in Adagene by 129.2% during the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock worth $58,000 after purchasing an additional 16,461 shares during the period. Mill Creek Capital Advisors LLC bought a new position in shares of Adagene during the 3rd quarter worth $202,000. Exome Asset Management LLC increased its stake in shares of Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock valued at $583,000 after buying an additional 111,749 shares during the period. Finally, General Atlantic L.P. raised its holdings in shares of Adagene by 1,349.2% in the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock valued at $7,614,000 after acquiring an additional 3,561,952 shares in the last quarter. Institutional investors own 9.51% of the company’s stock.

Adagene Price Performance

Adagene stock opened at $1.81 on Friday. The firm has a 50-day moving average of $1.93 and a two-hundred day moving average of $2.33. Adagene has a 1 year low of $1.64 and a 1 year high of $3.66.

Adagene Company Profile

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.