Short Interest in Adagene Inc. (NASDAQ:ADAG) Grows By 88.2%

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

Adagene Stock Performance

ADAG remained flat at $1.96 during trading on Friday. 69,491 shares of the company’s stock were exchanged, compared to its average volume of 70,296. The company’s 50 day moving average price is $2.42 and its two-hundred day moving average price is $2.55. Adagene has a 1 year low of $1.60 and a 1 year high of $4.38.

Institutional Trading of Adagene

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

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price target 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.