Adagio Medical (NASDAQ:ADGM) Stock Price Down 4.2% – Here’s What Happened

Adagio Medical Holdings, Inc. (NASDAQ:ADGM) shares traded down 4.2% during mid-day trading on Friday . The company traded as low as $1.56 and last traded at $1.58. 35,341 shares traded hands during trading, an increase of 8% from the average session volume of 32,750 shares. The stock had previously closed at $1.65.

Adagio Medical Stock Performance

The company has a debt-to-equity ratio of 1.96, a current ratio of 2.50 and a quick ratio of 2.13. The company has a 50-day simple moving average of $1.48 and a 200 day simple moving average of $1.24.

Adagio Medical (NASDAQ:ADGM) last issued its earnings results on Wednesday, August 13th. The company reported ($0.35) earnings per share (EPS) for the quarter. Adagio Medical had a negative net margin of 12,465.28% and a negative return on equity of 248.26%.

Hedge Funds Weigh In On Adagio Medical

A number of hedge funds have recently added to or reduced their stakes in ADGM. Perceptive Advisors LLC increased its position in shares of Adagio Medical by 0.7% during the second quarter. Perceptive Advisors LLC now owns 9,876,576 shares of the company’s stock worth $12,840,000 after acquiring an additional 64,157 shares during the period. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Adagio Medical by 17.3% in the second quarter. Adage Capital Partners GP L.L.C. now owns 821,261 shares of the company’s stock valued at $1,068,000 after purchasing an additional 121,261 shares during the period. Finally, Cresset Asset Management LLC bought a new position in Adagio Medical in the second quarter worth approximately $39,000. 48.08% of the stock is currently owned by institutional investors.

Adagio Medical Company Profile

Adagio Medical Holdings, Inc, a developmental stage medical device company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. It offers treatment for cardiac arrhythmias, including atrial fibrillation, atrial flutter, and ventricular tachycardia.