Adagene Inc. (NASDAQ:ADAG) Short Interest Update

Adagene Inc. (NASDAQ:ADAG - Get Free Report) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 35,400 shares, a decline of 50.2% from the January 15th total of 71,100 shares. Based on an average daily trading volume, of 93,700 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the shares of the stock are short sold.

Institutional Trading of Adagene

Several large investors have recently added to or reduced their stakes in ADAG. Fifth Lane Capital LP bought a new stake in Adagene in the fourth quarter worth approximately $54,000. Catalina Capital Group LLC raised its stake in Adagene by 129.2% during 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 during the last quarter. Mill Creek Capital Advisors LLC acquired a new position in Adagene during the 3rd quarter valued at $202,000. Kamunting Street Capital Management L.P. acquired a new position in Adagene during the 4th quarter valued at $251,000. Finally, Exome Asset Management LLC raised its stake in Adagene by 74.1% during 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 last quarter. 9.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on ADAG. HC Wainwright boosted their price target on shares of Adagene from $5.00 to $8.00 and gave the stock a "buy" rating in a research report on Monday, January 27th. Morgan Stanley downgraded shares of Adagene from an "overweight" rating to an "equal weight" rating in a report on Friday, January 31st.

Adagene Stock Performance

ADAG traded down $0.05 on Friday, reaching $1.76. 68,013 shares of the company traded hands, compared to its average volume of 151,267. The stock's 50 day moving average price is $1.92 and its 200-day moving average price is $2.33. Adagene has a 52-week low of $1.64 and a 52-week high of $3.66.

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.