Short Interest in Adagene Inc. (NASDAQ:ADAG) Decreases By 55.9%

Adagene Inc. (NASDAQ:ADAG) was the target of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 17,700 shares, a decrease of 55.9% from the February 13th total of 40,100 shares. Currently, 0.1% of the company’s shares are sold short. Based on an average trading volume of 82,400 shares, the short-interest ratio is currently 0.2 days.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. HC Wainwright raised their price target on shares of Adagene from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Morgan Stanley downgraded shares of Adagene from an “overweight” rating to an “equal weight” rating in a research note on Friday, January 31st.

Hedge Funds Weigh In On Adagene

A number of institutional investors and hedge funds have recently modified their holdings of the business. General Atlantic L.P. lifted its position in shares of Adagene by 1,349.2% during the 4th quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock valued at $7,614,000 after acquiring an additional 3,561,952 shares during the period. Kamunting Street Capital Management L.P. bought a new stake in Adagene in the fourth quarter valued at $251,000. Exome Asset Management LLC raised its holdings in shares of Adagene by 74.1% during the third 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 period. Mill Creek Capital Advisors LLC boosted its position in shares of Adagene by 119.6% during the 4th quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock worth $397,000 after purchasing an additional 108,702 shares in the last quarter. Finally, Fifth Lane Capital LP acquired a new stake in shares of Adagene in the 4th quarter valued at about $54,000. 9.51% of the stock is currently owned by institutional investors.

Adagene Stock Performance

Shares of Adagene stock opened at $1.77 on Friday. The stock’s 50-day moving average is $1.90 and its 200 day moving average is $2.25. Adagene has a one year low of $1.64 and a one year high of $3.58.

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.