Short Interest in Adagene Inc. (NASDAQ:ADAG) Expands By 265.6%

Adagene Inc. (NASDAQ:ADAG - Get Free Report) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 66,900 shares, a growth of 265.6% from the March 15th total of 18,300 shares. Based on an average daily volume of 69,500 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.2% of the shares of the company are short sold.

Adagene Stock Performance

ADAG traded down $0.05 during midday trading on Friday, reaching $1.53. The company had a trading volume of 12,311 shares, compared to its average volume of 60,908. Adagene has a 1 year low of $1.33 and a 1 year high of $3.58. The business has a 50-day moving average of $1.77 and a two-hundred day moving average of $2.06.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Morgan Stanley lowered shares of Adagene from an "overweight" rating to an "equal weight" rating in a research report on Friday, January 31st. HC Wainwright reissued a "buy" rating and set a $8.00 price objective on shares of Adagene in a research report on Thursday, April 3rd.

Institutional Investors Weigh In On Adagene

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADAG. General Atlantic L.P. increased its stake in shares of Adagene by 1,349.2% in the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company's stock worth $7,614,000 after purchasing an additional 3,561,952 shares in the last quarter. Catalina Capital Group LLC increased its stake in Adagene by 129.2% in the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company's stock worth $58,000 after buying an additional 16,461 shares in the last quarter. Mill Creek Capital Advisors LLC raised its holdings in Adagene by 119.6% during the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company's stock valued at $397,000 after acquiring an additional 108,702 shares during the period. Exome Asset Management LLC lifted its position in shares of Adagene by 74.1% in the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company's stock valued at $583,000 after acquiring an additional 111,749 shares in the last quarter. Finally, Fifth Lane Capital LP bought a new position in shares of Adagene in the fourth quarter worth about $54,000. Institutional investors own 9.51% of the company's stock.

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.