Adagene Inc. (NASDAQ:ADAG) Short Interest Update

Adagene Inc. (NASDAQ:ADAG) was the target of a significant growth in short interest in the month of January. As of January 15th, there was short interest totalling 79,600 shares, a growth of 21.9% from the December 31st total of 65,300 shares. Currently, 0.2% of the company’s shares are sold short. Based on an average daily volume of 60,400 shares, the short-interest ratio is currently 1.3 days.

Institutional Investors Weigh In On Adagene

Several hedge funds and other institutional investors have recently modified their holdings of the company. Exome Asset Management LLC grew its position in Adagene by 74.1% in the 3rd quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock valued at $583,000 after purchasing an additional 111,749 shares during the period. Mill Creek Capital Advisors LLC lifted its stake in shares of Adagene by 119.6% in the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock valued at $397,000 after buying an additional 108,702 shares in the last quarter. Finally, Catalina Capital Group LLC lifted its stake in shares of 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 in the last quarter. Institutional investors own 9.51% of the company’s stock.

Analyst Upgrades and Downgrades

ADAG has been the topic of several recent analyst reports. Morgan Stanley cut Adagene from an “overweight” rating to an “equal weight” rating in a report on Friday. HC Wainwright increased their target price on shares of Adagene from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, January 27th.

Adagene Stock Up 2.7 %

Shares of Adagene stock opened at $1.90 on Friday. The business has a 50-day simple moving average of $2.02 and a 200 day simple moving average of $2.38. Adagene has a one year low of $1.74 and a one year high of $3.85.

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.