Adlai Nortye (NASDAQ:ANL) Shares Gap Down – What’s Next?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s stock price gapped down before the market opened on Monday. The stock had previously closed at $10.28, but opened at $9.85. Adlai Nortye shares last traded at $10.8290, with a volume of 20,890 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Adlai Nortye in a research note on Monday, October 12th. HC Wainwright reiterated a “buy” rating and set a $20.00 price target on shares of Adlai Nortye in a report on Tuesday, September 8th. Jefferies Financial Group raised Adlai Nortye to a “strong-buy” rating in a research note on Monday, October 5th. Loop Capital set a $49.00 price objective on Adlai Nortye in a report on Tuesday, September 8th. Finally, Wall Street Zen lowered shares of Adlai Nortye from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.50.

Adlai Nortye Trading Up 4.1%

The company’s 50-day simple moving average is $13.37 and its 200 day simple moving average is $11.46.

Insider Activity

In other news, Director Ping Ji sold 10,000 shares of the stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $15.99, for a total transaction of $159,900.00. Following the transaction, the director owned 121,453 shares of the company’s stock, valued at approximately $1,942,033.47. This represents a 7.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Xiaofeng Ye sold 5,667 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $14.25, for a total value of $80,754.75. Following the completion of the transaction, the chief financial officer directly owned 147,757 shares in the company, valued at $2,105,537.25. The trade was a 3.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 26,881 shares of company stock valued at $411,060.

Institutional Trading of Adlai Nortye

A number of institutional investors and hedge funds have recently modified their holdings of ANL. China Universal Asset Management Co. Ltd. acquired a new position in Adlai Nortye in the 3rd quarter valued at $25,000. ACT Capital Partners L.P. bought a new stake in Adlai Nortye during the third quarter valued at about $430,000. Renaissance Technologies LLC bought a new position in shares of Adlai Nortye in the first quarter worth about $457,000. Seven Fleet Capital Management LP acquired a new position in shares of Adlai Nortye during the 2nd quarter worth about $1,302,000. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Adlai Nortye during the 1st quarter worth about $816,000. 35.21% of the stock is currently owned by institutional investors and hedge funds.

About Adlai Nortye

Adlai Nortye (NASDAQ: ANL) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research is centered on treatments designed to stimulate or enhance the immune system’s ability to identify and attack cancer cells.

Adlai Nortye’s pipeline includes buparlisib, an oral pan-class I phosphoinositide 3-kinase inhibitor being investigated in oncology. The company has evaluated buparlisib in combination with immunotherapy for patients with recurrent or metastatic head and neck squamous cell carcinoma.