Short Interest in Adagene Inc. (NASDAQ:ADAG) Rises By 2,213.3%

Adagene Inc. (NASDAQ:ADAG) was the target of a large increase in short interest in the month of November. As of November 30th, there was short interest totalling 34,700 shares, an increase of 2,213.3% from the November 15th total of 1,500 shares. Based on an average daily volume of 72,300 shares, the days-to-cover ratio is presently 0.5 days. Approximately 0.1% of the shares of the company are sold short.

Institutional Trading of Adagene

An institutional investor recently bought a new position in Adagene stock. Catalina Capital Group LLC bought a new position in shares of Adagene Inc. (NASDAQ:ADAG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,752 shares of the company’s stock, valued at approximately $51,000. 9.51% of the stock is owned by institutional investors and hedge funds.

Adagene Stock Down 9.1 %

ADAG stock traded down $0.23 during trading on Wednesday, hitting $2.30. 24,989 shares of the company traded hands, compared to its average volume of 69,684. The stock’s 50-day simple moving average is $2.48 and its 200 day simple moving average is $2.61. Adagene has a 1 year low of $1.35 and a 1 year high of $4.38.

Analyst Ratings Changes

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.