Adagene Inc. (NASDAQ:ADAG) Sees Large Increase in Short Interest

Adagene Inc. (NASDAQ:ADAG - Get Free Report) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 79,600 shares, an increase of 21.9% from the December 31st total of 65,300 shares. Approximately 0.2% of the company's shares are sold short. Based on an average daily volume of 60,400 shares, the days-to-cover ratio is presently 1.3 days.

Adagene Trading Up 0.1 %

ADAG traded up $0.00 during midday trading on Monday, hitting $1.90. The company had a trading volume of 28,101 shares, compared to its average volume of 144,927. The stock's 50 day moving average price is $2.02 and its 200 day moving average price is $2.38. Adagene has a 52 week low of $1.74 and a 52 week high of $3.80.

Institutional Investors Weigh In On Adagene

Hedge funds have recently added to or reduced their stakes in the company. Mill Creek Capital Advisors LLC bought a new stake in Adagene during the 3rd quarter valued at $202,000. Exome Asset Management LLC grew its holdings in shares of Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company's stock valued at $583,000 after buying an additional 111,749 shares during the last quarter. Finally, Catalina Capital Group LLC increased its position in shares of Adagene by 129.2% during the fourth quarter. Catalina Capital Group LLC now owns 29,198 shares of the company's stock worth $58,000 after acquiring an additional 16,461 shares in the last quarter. Institutional investors and hedge funds own 9.51% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. HC Wainwright upped their price objective on shares of Adagene from $5.00 to $8.00 and gave the company a "buy" rating in a research note on Monday, January 27th. Morgan Stanley lowered Adagene from an "overweight" rating to an "equal weight" rating in a research report on Friday.

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.