Addex Therapeutics Ltd. Sponsored ADR (NASDAQ: ADXN) experienced a significant rise in short interest during December 2023. As of December 15, short interest reached a total of 9,599 shares, marking an increase of 86.7% from the 5,141 shares reported on November 30. This surge indicates that approximately 0.9% of the company’s shares are currently sold short, reflecting heightened bearish sentiment among investors.
The days-to-cover ratio, which calculates how long it would take to cover all short positions based on average daily trading volume, stands at 1.2 days, as the stock sees an average trading volume of 8,344 shares. This metric suggests that while short interest is climbing, the trading liquidity may allow for relatively quick adjustments should investor sentiment shift.
Analysts Provide Insight on Addex Therapeutics
In related news, Weiss Ratings reiterated a “sell (e+)” rating for Addex Therapeutics on October 14, 2023. This assessment aligns with broader market sentiment, as one research analyst has also assigned a Sell rating to the stock. According to data from MarketBeat, the consensus rating for Addex Therapeutics remains firmly in the “Sell” category, reflecting cautious outlooks from market analysts.
Financial Performance Snapshot
Addex Therapeutics released its quarterly earnings report on December 4, 2023. The company reported earnings per share (EPS) of ($1.51) for the quarter, with revenue totaling $0.04 million. These financial figures illustrate considerable challenges, given the firm’s net margin of 3,584.49% and a negative return on equity of 80.69%.
Headquartered in Geneva, Switzerland, with a research facility in Cambridge, Massachusetts, Addex Therapeutics specializes in developing small-molecule allosteric modulators aimed at treating central nervous system disorders. Founded in 1999, the company focuses on addressing unmet medical needs in neurology and psychiatry, particularly through its lead candidate, dipraglurant (ADX48621). This drug is currently in clinical development for treating levodopa-induced dyskinesia associated with Parkinson’s disease.
As the market closely monitors Addex Therapeutics, investors will be watching for any developments that could impact both the short interest and the company’s overall financial health in the coming months.
