Short Interest in Adagene Inc. (NASDAQ:ADAG) Grows By 265.6%

Adagene Inc. (NASDAQ:ADAG) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 66,900 shares, an increase of 265.6% from the March 15th total of 18,300 shares. Based on an average daily volume of 69,500 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.2% of the company’s stock are short sold.

Adagene Trading Down 1.3 %

ADAG stock opened at $1.58 on Thursday. Adagene has a 1-year low of $1.33 and a 1-year high of $3.58. The firm has a fifty day moving average price of $1.78 and a two-hundred day moving average price of $2.07.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Morgan Stanley cut shares of Adagene from an “overweight” rating to an “equal weight” rating in a research report on Friday, January 31st. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of Adagene in a research report on Thursday, April 3rd.

Institutional Trading of Adagene

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

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.