Short Interest in Adagene Inc. (NASDAQ:ADAG) Expands By 2,213.3%

Posted by Martin Roberts on Dec 11th, 2024

Adagene Inc. (NASDAQ:ADAG – Get Free Report) was the target of a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 34,700 shares, an increase of 2,213.3% from the November 15th total of 1,500 shares. Based on an average daily trading volume, of 72,300 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.1% of the company’s stock are sold short.

Institutional Trading of Adagene

An institutional investor recently bought a new position in Adagene stock. Catalina Capital Group LLC purchased a new position in Adagene Inc. (NASDAQ:ADAG – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 16,752 shares of the company’s stock, valued at approximately $51,000. 9.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Check Out Our Latest Stock Analysis on Adagene

Adagene Stock Down 9.1 %

ADAG stock traded down $0.23 during trading on Wednesday, hitting $2.30. 24,989 shares of the company’s stock traded hands, compared to its average volume of 69,684. Adagene has a 52 week low of $1.35 and a 52 week high of $4.38. The stock has a fifty day moving average price of $2.48 and a two-hundred day moving average price of $2.61.

Adagene Company Profile

(Get Free Report)

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.