Adagio Medical (NASDAQ:ADGM) Stock Price Down 2.2% – Time to Sell?

Adagio Medical Holdings, Inc. (NASDAQ:ADGM)’s stock price fell 2.2% on Thursday . The company traded as low as $1.25 and last traded at $1.31. 64,339 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 210,876 shares. The stock had previously closed at $1.34.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagio Medical in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Adagio Medical has an average rating of “Sell”.

Adagio Medical Price Performance

The company has a debt-to-equity ratio of 1.96, a current ratio of 2.50 and a quick ratio of 2.13. The stock has a 50-day moving average of $1.67 and a two-hundred day moving average of $1.41.

Adagio Medical (NASDAQ:ADGM) last released its quarterly earnings results on Wednesday, August 13th. The company reported ($0.35) earnings per share for the quarter.

Institutional Investors Weigh In On Adagio Medical

Several hedge funds have recently bought and sold shares of ADGM. Adage Capital Partners GP L.L.C. purchased a new stake in Adagio Medical in the 1st quarter worth about $563,000. Cresset Asset Management LLC purchased a new stake in Adagio Medical in the 2nd quarter worth about $39,000. Finally, Perceptive Advisors LLC lifted its stake in Adagio Medical by 0.7% in the 2nd quarter. Perceptive Advisors LLC now owns 9,876,576 shares of the company’s stock worth $12,840,000 after acquiring an additional 64,157 shares in the last quarter. 48.08% of the stock is owned by hedge funds and other institutional investors.

About Adagio Medical

Adagio Medical Holdings, Inc, a developmental stage medical device company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. It offers treatment for cardiac arrhythmias, including atrial fibrillation, atrial flutter, and ventricular tachycardia.