Adagene Inc. (NASDAQ:ADAG) Short Interest Down 30.7% in October

Adagene Inc. (NASDAQ:ADAG) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 21,400 shares, a drop of 30.7% from the September 30th total of 30,900 shares. Based on an average daily volume of 75,400 shares, the short-interest ratio is currently 0.3 days. Approximately 0.1% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $5.00 price target on shares of Adagene in a research note on Wednesday, September 18th.

Institutional Trading of Adagene

An institutional investor recently raised its position in Adagene stock. Artal Group S.A. boosted its position in shares of Adagene Inc. (NASDAQ:ADAG) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,020,000 shares of the company’s stock after purchasing an additional 20,000 shares during the period. Artal Group S.A. owned approximately 2.31% of Adagene worth $2,856,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Stock Performance

NASDAQ:ADAG opened at $3.01 on Monday. Adagene has a twelve month low of $1.30 and a twelve month high of $4.38. The firm’s fifty day simple moving average is $2.58 and its 200 day simple moving average is $2.61.

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.