Adlai Nortye (NASDAQ:ANL) Shares Gap Up – Time to Buy?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.94, but opened at $12.62. Adlai Nortye shares last traded at $12.63, with a volume of 39,267 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. JonesTrading assumed coverage on Adlai Nortye in a research note on Thursday, May 14th. They set a “buy” rating and a $22.00 price target for the company. Oppenheimer assumed coverage on Adlai Nortye in a research note on Thursday. They set an “outperform” rating and a $32.00 price target for the company. Leerink Partners assumed coverage on Adlai Nortye in a research note on Friday, March 20th. They set an “outperform” rating and a $23.00 price target for the company. Wall Street Zen upgraded Adlai Nortye to a “hold” rating in a research note on Saturday, March 7th. Finally, HC Wainwright boosted their price target on Adlai Nortye from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.25.

Adlai Nortye Stock Performance

The stock has a 50 day moving average of $11.65 and a 200-day moving average of $7.00.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in shares of Adlai Nortye during the 1st quarter valued at approximately $457,000. ADAR1 Capital Management LLC bought a new position in Adlai Nortye in the 1st quarter worth approximately $816,000. Affinity Asset Advisors LLC bought a new position in Adlai Nortye in the 1st quarter worth approximately $1,140,000. Finally, SmartHarvest Portfolios LLC boosted its stake in Adlai Nortye by 8.5% in the 1st quarter. SmartHarvest Portfolios LLC now owns 16,367 shares of the company’s stock worth $113,000 after purchasing an additional 1,279 shares during the period. 35.21% of the stock is currently owned by institutional investors.

Adlai Nortye Company Profile

Adlai Nortye Inc (NASDAQ: ANL) is a specialty chemical manufacturer headquartered in China’s Jiangsu Province. The company focuses on the research, development, production and sale of fine chemicals, with a primary emphasis on amino acids and their derivatives.

Adlai Nortye’s product portfolio includes betaine compounds, a range of high-purity L-amino acids such as L-methionine, L-threonine and glycine, as well as various chemical intermediates. These offerings serve multiple end markets, including animal feed and nutrition, personal care and cosmetic formulations, pharmaceutical ingredients and industrial chemical processes.

The company operates multiple production facilities alongside an in-house research and development center dedicated to process innovation and quality control.