Adlai Nortye (NASDAQ:ANL) Shares Up 3.4% – What’s Next?

Shares of Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL) traded up 3.4% on Wednesday. The stock traded as high as $14.97 and last traded at $14.9450. 27,484 shares traded hands during trading, a decline of 92% from the average daily volume of 361,311 shares. The stock had previously closed at $14.46.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ANL shares. HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of Adlai Nortye in a research report on Tuesday, September 8th. Loop Capital set a $49.00 target price on Adlai Nortye in a research note on Tuesday, September 8th. Jefferies Financial Group raised shares of Adlai Nortye to a “strong-buy” rating in a research report on Monday. Wall Street Zen raised shares of Adlai Nortye from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Finally, Cantor Fitzgerald began coverage on Adlai Nortye in a research report on Monday, June 22nd. They set an “overweight” rating for the company. One 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 stock. According to MarketBeat, Adlai Nortye has an average rating of “Moderate Buy” and an average target price of $29.50.

Adlai Nortye Trading Up 10.4%

The business’s 50-day moving average price is $14.51 and its 200-day moving average price is $12.51.

Insider Buying and Selling at Adlai Nortye

In other news, CFO Xiaofeng Ye sold 6,000 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $13.98, for a total value of $83,880.00. Following the completion of the sale, the chief financial officer directly owned 153,424 shares of the company’s stock, valued at approximately $2,144,867.52. This represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 sale, the director owned 121,453 shares of the company’s stock, valued at $1,942,033.47. This trade represents a 7.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,881 shares of company stock worth $411,060 over the last three months.

Hedge Funds Weigh In On Adlai Nortye

Several institutional investors have recently added to or reduced their stakes in the stock. SmartHarvest Portfolios LLC raised its stake in Adlai Nortye by 8.5% during the 1st quarter. SmartHarvest Portfolios LLC now owns 16,367 shares of the company’s stock valued at $113,000 after acquiring an additional 1,279 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Adlai Nortye during the first quarter worth approximately $457,000. Seven Fleet Capital Management LP acquired a new stake in shares of Adlai Nortye during the second quarter worth $1,302,000. ADAR1 Capital Management LLC purchased a new position in Adlai Nortye in the 1st quarter valued at $816,000. Finally, Affinity Asset Advisors LLC purchased a new position in Adlai Nortye in the 1st quarter valued at $1,140,000. Institutional investors and hedge funds own 35.21% of the company’s stock.

About Adlai Nortye

Adlai Nortye Ltd. (NASDAQ: ANL) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research and development programs are centered on immuno-oncology and targeted therapies intended to address unmet medical needs.

Adlai Nortye’s pipeline has included buparlisib, an oral pan-PI3K inhibitor being studied in oncology, as well as AN0025, an investigational EP4 antagonist designed to affect pathways involved in tumor growth and immune response.