Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Short Interest Update

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totaling 10,400 shares, a decline of 38.1% from the August 15th total of 16,800 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average daily volume of 104,800 shares, the short-interest ratio is currently 0.1 days. Based on an average daily volume of 104,800 shares, the short-interest ratio is currently 0.1 days. Currently, 0.0% of the shares of the stock are short sold.

Adagene Stock Up 0.9%

NASDAQ:ADAG opened at $2.13 on Wednesday. The company has a current ratio of 2.29, a quick ratio of 2.30 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average is $2.07 and its two-hundred day moving average is $1.86. Adagene has a 1-year low of $1.33 and a 1-year high of $3.16.

Wall Street Analysts Forecast Growth

ADAG has been the subject of a number of research reports. Leerink Partnrs raised shares of Adagene to a “strong-buy” rating in a research note on Wednesday, August 6th. Leerink Partners initiated coverage on shares of Adagene in a research note on Wednesday, August 6th. They set an “outperform” rating and a $7.00 target price for the company. Finally, HC Wainwright cut their target price on shares of Adagene from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Adagene currently has an average rating of “Buy” and an average target price of $7.00.

Hedge Funds Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Marex Group plc bought a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 24,000 shares of the company’s stock, valued at approximately $47,000. Marex Group plc owned about 0.05% of Adagene at the end of the most recent reporting period. Institutional investors and hedge funds own 9.51% of the company’s stock.

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.