Adagene Inc. (NASDAQ:ADAG) Short Interest Down 55.9% in February

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

Adagene Price Performance

Adagene stock opened at $1.77 on Friday. The company’s 50 day moving average price is $1.90 and its two-hundred day moving average price is $2.25. Adagene has a 52 week low of $1.64 and a 52 week high of $3.58.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADAG. Morgan Stanley lowered Adagene from an “overweight” rating to an “equal weight” rating in a report on Friday, January 31st. HC Wainwright upped their target price on shares of Adagene from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, January 27th.

Institutional Trading of Adagene

A number of hedge funds have recently bought and sold shares of ADAG. General Atlantic L.P. increased 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 purchasing an additional 3,561,952 shares during the last quarter. Exome Asset Management LLC increased its holdings in Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock worth $583,000 after buying an additional 111,749 shares during the last quarter. Mill Creek Capital Advisors LLC raised its position in Adagene by 119.6% in the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock worth $397,000 after acquiring an additional 108,702 shares during the period. Kamunting Street Capital Management L.P. purchased a new position in Adagene in the fourth quarter valued at about $251,000. Finally, Catalina Capital Group LLC grew its position in shares of Adagene by 129.2% during the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock valued at $58,000 after acquiring an additional 16,461 shares during the period. 9.51% of the stock is currently owned by institutional investors.

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.