Adagene Inc. (NASDAQ:ADAG) Short Interest Update

Adagene Inc. (NASDAQ:ADAG) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 65,300 shares, a growth of 88.2% from the November 30th total of 34,700 shares. Based on an average daily volume of 60,200 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.2% of the company’s shares are short sold.

Institutional Investors Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Mill Creek Capital Advisors LLC acquired a new stake in shares of Adagene Inc. (NASDAQ:ADAG) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 90,908 shares of the company’s stock, valued at approximately $202,000. Mill Creek Capital Advisors LLC owned 0.21% of Adagene as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Price Performance

Shares of NASDAQ:ADAG remained flat at $1.96 during trading on Friday. 69,491 shares of the stock traded hands, compared to its average volume of 70,296. Adagene has a 12 month low of $1.60 and a 12 month high of $4.38. The company’s fifty day moving average is $2.42 and its 200-day moving average is $2.55.

Wall Street Analysts Forecast Growth

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

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.