ADARx Pharmaceuticals, Inc.’s (NASDAQ:ADRX) Quiet Period Will Expire on November 4th

ADARx Pharmaceuticals’ (NASDAQ:ADRX) quiet period is set to end on Wednesday, November 4th. ADARx Pharmaceuticals had issued 26,250,000 shares in its public offering on September 25th. The total size of the offering was $446,250,000 based on an initial share price of $17.00. During ADARx Pharmaceuticals’ quiet period, underwriters and any insiders involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wall Street Zen upgraded ADARx Pharmaceuticals to a “hold” rating in a report on Saturday, October 3rd. Morgan Stanley assumed coverage on ADARx Pharmaceuticals in a report on Tuesday, October 20th. They set an “overweight” rating and a $32.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on ADARx Pharmaceuticals in a research report on Tuesday, October 20th. They set an “overweight” rating and a $38.00 target price on the stock. UBS Group initiated coverage on shares of ADARx Pharmaceuticals in a research report on Tuesday, October 20th. They issued a “buy” rating and a $35.00 price target for the company. Finally, TD Cowen began coverage on shares of ADARx Pharmaceuticals in a research note on Tuesday, October 20th. They set a “buy” rating for the company. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

ADARx Pharmaceuticals Stock Down 4.8%

ADRX opened at $17.00 on Friday. ADARx Pharmaceuticals has a fifty-two week low of $16.30 and a fifty-two week high of $23.21.

Insiders Place Their Bets

In related news, major shareholder Sr One Capital Management, Llc bought 1,600,000 shares of the company’s stock in a transaction dated Monday, September 28th. The shares were bought at an average price of $17.00 per share, for a total transaction of $27,200,000.00. Following the completion of the acquisition, the insider directly owned 5,554,094 shares of the company’s stock, valued at $94,419,598. This trade represents a 40.46% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Simeon George bought 1,600,000 shares of the business’s stock in a transaction that occurred on Monday, September 28th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $27,200,000.00. Following the transaction, the director owned 5,554,094 shares of the company’s stock, valued at $94,419,598. The trade was a 40.46% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders purchased 3,261,516 shares of company stock valued at $55,445,772.

About ADARx Pharmaceuticals

ADARx Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that target disease-driving proteins through RNA-based technologies. The company’s platform is designed to support potent and durable control of protein production, with the goal of creating therapies that may be administered less frequently than conventional treatments.

ADARx is advancing a pipeline of investigational therapeutics for conditions involving the kallikrein-kinin and complement pathways, which are implicated in hereditary angioedema and other immune-mediated or inflammatory diseases.