Adagene Inc. Sponsored ADR (NASDAQ:ADAG) experienced a significant decline in short interest during December 2023. As of December 15, short interest dropped to a total of 15,970 shares, marking a decrease of 36.8% from the November 30 total of 25,265 shares. This reduction indicates a shift in investor sentiment, particularly as the short-interest ratio now stands at just 0.3 days, based on an average trading volume of 59,980 shares. Notably, only 0.0% of the company’s shares are currently short sold.
Current Stock Performance
As of the latest trading session, shares of Adagene opened at $1.78. The stock has experienced fluctuations, with a 50-day moving average of $1.83 and a 200-day moving average of $1.95. Over the past year, the stock reached a low of $1.30 and a high of $3.16, reflecting a volatile market environment.
Institutional Investors’ Activity
Recent activity among institutional investors suggests a growing interest in Adagene. For instance, Gordian Capital Singapore Pte Ltd increased its holdings by an impressive 101.4% during the third quarter, acquiring a total of 48,342 shares valued at approximately $96,000 after purchasing an additional 24,342 shares. Additionally, Citadel Advisors LLC entered the fray with a new stake valued at around $80,000, while Marex Group plc also acquired a new position worth approximately $47,000 during the second quarter. Currently, institutional investors hold about 9.51% of Adagene’s stock.
Adagene Inc., headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company that focuses on the discovery and development of antibody-based therapeutics aimed at treating cancer and immune-related diseases. Established in 2017, the company utilizes its proprietary immunome technology platform, which enables the exploration of human antibody repertoires and the engineering of novel monospecific and bispecific antibodies.
The company’s pipeline includes several candidates at various stages of preclinical and early clinical development. It aims to target tumor microenvironments and modulate immune checkpoints to enhance anti-tumor efficacy. Central to Adagene’s research efforts is its Bihanc™ antibody platform, which integrates combinatorial phage display, structure-based design, and artificial intelligence to optimize binding affinity, specificity, and developability.
As Adagene navigates the complexities of the biopharmaceutical landscape, analysts and investors alike will be watching closely to see how these developments impact its stock performance and overall market position.
