Short Interest in Adagene Inc. (NASDAQ:ADAG) Decreases By 42.5%

Adagene Inc. (NASDAQ:ADAG) was the target of a significant decline in short interest in October. As of October 31st, there was short interest totalling 12,300 shares, a decline of 42.5% from the October 15th total of 21,400 shares. Approximately 0.0% of the company’s stock are sold short. Based on an average daily volume of 88,800 shares, the days-to-cover ratio is currently 0.1 days.

Wall Street Analyst Weigh In

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

Adagene Price Performance

Shares of NASDAQ ADAG opened at $2.37 on Thursday. The stock has a 50 day moving average price of $2.61 and a 200 day moving average price of $2.63. Adagene has a 52 week low of $1.33 and a 52 week high of $4.38.

Institutional Investors Weigh In On Adagene

A number of institutional investors and hedge funds have recently made changes to their positions in ADAG. Catalina Capital Group LLC acquired a new stake in Adagene in the second quarter valued at $51,000. Mill Creek Capital Advisors LLC acquired a new position in shares of Adagene during the 3rd quarter worth about $202,000. Finally, Artal Group S.A. raised its holdings in shares of Adagene by 2.0% in the 1st quarter. Artal Group S.A. now owns 1,020,000 shares of the company’s stock valued at $2,856,000 after purchasing an additional 20,000 shares during the period. 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.