Adagio Therapeutics, Inc. (NASDAQ:ADGI) Sees Significant Increase in Short Interest

Adagio Therapeutics, Inc. (NASDAQ:ADGIGet Rating) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 4,650,000 shares, an increase of 26.7% from the August 15th total of 3,670,000 shares. Currently, 12.8% of the company’s shares are short sold. Based on an average daily volume of 706,700 shares, the short-interest ratio is presently 6.6 days.

Adagio Therapeutics Price Performance

Adagio Therapeutics has a 12-month low of $2.41 and a 12-month high of $78.82. The company’s fifty day moving average is $4.15 and its 200-day moving average is $3.81.

Adagio Therapeutics (NASDAQ:ADGIGet Rating) last announced its quarterly earnings results on Monday, August 15th. The company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.08. As a group, equities research analysts predict that Adagio Therapeutics will post -2.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Marc Elia acquired 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was purchased at an average cost of $4.04 per share, for a total transaction of $4,040,000.00. Following the completion of the transaction, the director now owns 7,398,250 shares in the company, valued at $29,888,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Slate Path Capital LP purchased a new position in Adagio Therapeutics in the fourth quarter worth approximately $27,116,000. M28 Capital Management LP lifted its stake in Adagio Therapeutics by 12.9% in the first quarter. M28 Capital Management LP now owns 6,398,250 shares of the company’s stock worth $29,176,000 after acquiring an additional 733,029 shares during the last quarter. Artal Group S.A. purchased a new position in Adagio Therapeutics in the first quarter worth approximately $4,560,000. New York State Common Retirement Fund lifted its stake in Adagio Therapeutics by 106.3% in the first quarter. New York State Common Retirement Fund now owns 30,864 shares of the company’s stock worth $141,000 after acquiring an additional 15,900 shares during the last quarter. Finally, Third Point LLC purchased a new position in Adagio Therapeutics in the first quarter worth approximately $4,501,000. Hedge funds and other institutional investors own 96.94% of the company’s stock.

Adagio Therapeutics Company Profile

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Adagio Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibody-based solutions for infectious diseases in the United States. The company's lead product candidate is the ADG20 (adintrevimab), a neutralizing antibody that is in Phase 3 clinical trials for the treatment and prevention of coronavirus disease.

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