Adlai Nortye (NASDAQ:ANL) Shares Gap Down – Time to Sell?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL)’s share price gapped down before the market opened on Monday. The stock had previously closed at $10.28, but opened at $9.85. Adlai Nortye shares last traded at $10.8290, with a volume of 20,890 shares traded.

Analysts Set New Price Targets

ANL has been the subject of a number of research reports. Jefferies Financial Group raised shares of Adlai Nortye to a “strong-buy” rating in a report on Monday, October 5th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Adlai Nortye in a research note on Monday, October 12th. Loop Capital set a $49.00 price target on Adlai Nortye in a report on Tuesday, September 8th. HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Adlai Nortye in a research report on Tuesday, September 8th. Finally, Wall Street Zen cut Adlai Nortye from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

Adlai Nortye Stock Performance

The stock’s 50 day moving average price is $13.23 and its two-hundred day moving average price is $11.54.

Insider Activity

In other Adlai Nortye news, Director Ping Ji sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $15.99, for a total transaction of $159,900.00. Following the transaction, the director directly owned 121,453 shares in the company, valued at approximately $1,942,033.47. This represents a 7.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Xiaofeng Ye sold 5,667 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $14.25, for a total transaction of $80,754.75. Following the completion of the transaction, the chief financial officer directly owned 147,757 shares of the company’s stock, valued at approximately $2,105,537.25. This trade represents a 3.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 26,881 shares of company stock valued at $411,060 in the last quarter.

Institutional Investors Weigh In On Adlai Nortye

Several institutional investors have recently modified their holdings of ANL. Braidwell LP purchased a new position in Adlai Nortye in the 2nd quarter valued at approximately $9,145,000. Boone Capital Management LLC purchased a new stake in Adlai Nortye during the second quarter worth $2,971,000. Seven Fleet Capital Management LP purchased a new stake in Adlai Nortye during the second quarter worth $1,302,000. Affinity Asset Advisors LLC purchased a new stake in Adlai Nortye during the first quarter worth $1,140,000. Finally, ADAR1 Capital Management LLC acquired a new stake in Adlai Nortye in the first quarter valued at $816,000. Hedge funds and other institutional investors own 35.21% of the company’s stock.

About Adlai Nortye

Adlai Nortye is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Founded in 2004 and headquartered in Hangzhou, China, the company conducts drug research and development for potential use in China and international markets. Its investigational oncology pipeline includes AN2025, a pan-RAF inhibitor; AN0025, an EP4 antagonist; and AN4005, an adenosine A2A/A2B receptor antagonist. These candidates are being studied for their potential to treat solid tumors, including in combination with other cancer therapies.