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

Adagene Inc. (NASDAQ:ADAG - Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 12,300 shares, a decrease of 42.5% from the October 15th total of 21,400 shares. Currently, 0.0% of the company's shares are sold short. Based on an average daily volume of 88,800 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ADAG. Artal Group S.A. lifted its position in shares of Adagene by 2.0% during the first quarter. Artal Group S.A. now owns 1,020,000 shares of the company's stock worth $2,856,000 after purchasing an additional 20,000 shares in the last quarter. Mill Creek Capital Advisors LLC acquired a new stake in Adagene during the 3rd quarter worth approximately $202,000. Finally, Catalina Capital Group LLC purchased a new position in Adagene in the 2nd quarter valued at approximately $51,000. 9.51% of the stock is currently owned by institutional investors and hedge funds.

Adagene Stock Performance

Shares of ADAG stock traded down $0.11 during trading hours on Wednesday, hitting $2.34. The company had a trading volume of 42,661 shares, compared to its average volume of 69,492. Adagene has a fifty-two week low of $1.33 and a fifty-two week high of $4.38. The company's fifty day moving average is $2.61 and its 200 day moving average is $2.63.

Analyst Upgrades and Downgrades

Separately, HC Wainwright restated a "buy" rating and issued a $5.00 price objective on shares of Adagene in a report on Wednesday, September 18th.

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.