Adagio Medical Stock to Reverse Split on Monday, November 9th (NASDAQ:ADGM)

Adagio Medical Holdings, Inc. (NASDAQ:ADGM)’s stock is set to reverse split before the market opens on Monday, November 9th. The 1-30 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, November 8th.

Adagio Medical Stock Up 6.4%

NASDAQ:ADGM traded up $0.00 during trading hours on Friday, hitting $0.06. The stock had a trading volume of 1,200,719 shares, compared to its average volume of 3,006,289. The company has a market cap of $1.78 million, a PE ratio of -0.04 and a beta of 0.07. The business has a 50 day simple moving average of $0.27 and a two-hundred day simple moving average of $0.73. Adagio Medical has a 1-year low of $0.05 and a 1-year high of $1.69. The company has a current ratio of 1.41, a quick ratio of 1.15 and a debt-to-equity ratio of 4.00.

Adagio Medical (NASDAQ:ADGM) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.03). Analysts predict that Adagio Medical will post -1.25 EPS for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings cut shares of Adagio Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 19th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Adagio Medical has an average rating of “Hold” and a consensus target price of $3.50.

Hedge Funds Weigh In On Adagio Medical

An institutional investor recently bought a new position in Adagio Medical stock. ADAR1 Capital Management LLC purchased a new position in shares of Adagio Medical Holdings, Inc. (NASDAQ:ADGM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,205,447 shares of the company’s stock, valued at approximately $785,000. ADAR1 Capital Management LLC owned about 5.43% of Adagio Medical as of its most recent filing with the Securities & Exchange Commission. 48.08% of the stock is owned by institutional investors.

Adagio Medical Company Profile

Adagio Medical, Inc is a medical technology company focused on developing catheter-based treatments for cardiac arrhythmias, including atrial fibrillation. The company’s technology is designed to create continuous, transmural lesions in cardiac tissue to isolate abnormal electrical signals and help restore a normal heart rhythm.

Its lead platform is the Intelligent Continuous Lesion Ablation System (iCLAS), an ultra-low-temperature cryoablation system intended to treat atrial fibrillation and other heart rhythm disorders.