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

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

Analyst Ratings Changes

ADAG has been the subject of a number of analyst reports. Morgan Stanley lowered Adagene from an “overweight” rating to an “equal weight” rating in a report on Friday, January 31st. HC Wainwright raised their price objective on Adagene from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, January 27th.

Hedge Funds Weigh In On Adagene

Several institutional investors and hedge funds have recently bought and sold shares of ADAG. Mill Creek Capital Advisors LLC purchased a new stake in shares of Adagene during the 3rd quarter valued at $202,000. Exome Asset Management LLC increased its position in Adagene by 74.1% during the 3rd 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 in the last quarter. Catalina Capital Group LLC raised its stake in Adagene by 129.2% in the fourth quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock valued at $58,000 after buying an additional 16,461 shares during the last quarter. Finally, General Atlantic L.P. boosted its holdings in Adagene by 1,349.2% in the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock worth $7,614,000 after acquiring an additional 3,561,952 shares in the last quarter. 9.51% of the stock is owned by hedge funds and other institutional investors.

Adagene Stock Up 3.3 %

Shares of Adagene stock opened at $1.81 on Friday. The firm’s 50 day moving average price is $1.93 and its 200-day moving average price is $2.33. Adagene has a 52-week low of $1.64 and a 52-week high of $3.66.

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.