Short Interest in Adagene Inc. (NASDAQ:ADAG) Declines By 30.7%

Adagene Inc. (NASDAQ:ADAG - Get Free Report) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 21,400 shares, a decrease of 30.7% from the September 30th total of 30,900 shares. Approximately 0.1% of the company's stock are short sold. Based on an average daily volume of 75,400 shares, the days-to-cover ratio is currently 0.3 days.

Hedge Funds Weigh In On Adagene

An institutional investor recently bought a new position in Adagene stock. Catalina Capital Group LLC acquired a new stake in Adagene Inc. (NASDAQ:ADAG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,752 shares of the company's stock, valued at approximately $51,000. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

Adagene Trading Up 3.8 %

Shares of NASDAQ ADAG traded up $0.11 during trading hours on Friday, hitting $3.01. 64,073 shares of the stock were exchanged, compared to its average volume of 69,638. Adagene has a 12 month low of $1.30 and a 12 month high of $4.38. The firm has a fifty day moving average price of $2.58 and a 200-day moving average price of $2.61.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a "buy" rating and issued a $5.00 target price on shares of Adagene in a research note on Wednesday, September 18th.

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.