Adagene Inc. (NASDAQ:ADAG) Short Interest Down 55.9% in February

Adagene Inc. (NASDAQ:ADAG - Get Free Report) was the recipient of a large drop in short interest in the month of February. As of February 28th, there was short interest totalling 17,700 shares, a drop of 55.9% from the February 13th total of 40,100 shares. Based on an average daily volume of 82,400 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the company's shares are short sold.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Morgan Stanley cut shares of Adagene from an "overweight" rating to an "equal weight" rating in a research report on Friday, January 31st. HC Wainwright raised their price target on shares of Adagene from $5.00 to $8.00 and gave the company a "buy" rating in a research report on Monday, January 27th.

Adagene Price Performance

Shares of ADAG stock opened at $1.97 on Friday. Adagene has a 52 week low of $1.64 and a 52 week high of $3.58. The firm has a 50 day moving average of $1.91 and a two-hundred day moving average of $2.26.

Institutional Investors Weigh In On Adagene

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Lane Capital LP acquired a new stake in shares of Adagene in the 4th quarter valued at $54,000. Catalina Capital Group LLC raised its holdings in shares of Adagene by 129.2% in the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company's stock valued at $58,000 after purchasing an additional 16,461 shares in the last quarter. Mill Creek Capital Advisors LLC acquired a new stake in shares of Adagene in the 3rd quarter valued at $202,000. Kamunting Street Capital Management L.P. acquired a new stake in shares of Adagene in the 4th quarter valued at $251,000. Finally, Exome Asset Management LLC raised its holdings in shares of 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 in the last quarter. 9.51% of the stock is currently owned by institutional investors and hedge funds.

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.

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