Adlai Nortye (NASDAQ:ANL) Shares Up 9.1% – What’s Next?

Adlai Nortye Ltd. Sponsored ADR (NASDAQ:ANL) traded up 9.1% during mid-day trading on Wednesday. The company traded as high as $11.55 and last traded at $11.6050. Approximately 353,476 shares were traded during trading, a decline of 4% from the average daily volume of 369,202 shares. The stock had previously closed at $10.64.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wall Street Zen raised Adlai Nortye from a “hold” rating to a “buy” rating in a report on Saturday, October 3rd. Loop Capital set a $49.00 price objective on Adlai Nortye in a research report on Tuesday, September 8th. HC Wainwright restated a “buy” rating and set a $20.00 target price on shares of Adlai Nortye in a report on Tuesday, September 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Adlai Nortye in a report on Monday, October 12th. Finally, Jefferies Financial Group raised Adlai Nortye to a “strong-buy” rating in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.50.

Adlai Nortye Stock Performance

The stock has a 50-day simple moving average of $14.34 and a 200 day simple moving average of $12.80.

Insider Transactions at Adlai Nortye

In other news, Director Ping Ji sold 10,000 shares of Adlai Nortye stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $15.99, for a total transaction of $159,900.00. Following the completion of the sale, the director directly owned 121,453 shares in the company, valued at approximately $1,942,033.47. This trade represents a 7.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Xiaofeng Ye sold 5,667 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $14.25, for a total value of $80,754.75. Following the transaction, the chief financial officer directly owned 147,757 shares in the company, valued at approximately $2,105,537.25. This represents a 3.69% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 26,881 shares of company stock worth $411,060 in the last ninety days.

Institutional Investors Weigh In On Adlai Nortye

A number of hedge funds have recently added to or reduced their stakes in ANL. Seven Fleet Capital Management LP acquired a new stake in Adlai Nortye in the second quarter worth approximately $1,302,000. Braidwell LP purchased a new position in shares of Adlai Nortye during the 2nd quarter valued at $9,145,000. Boone Capital Management LLC bought a new position in Adlai Nortye during the second quarter valued at approximately $2,971,000. ADAR1 Capital Management LLC bought a new stake in Adlai Nortye during the first quarter worth approximately $816,000. Finally, Affinity Asset Advisors LLC bought a new position in Adlai Nortye in the 1st quarter worth approximately $1,140,000. 35.21% of the stock is currently owned by institutional investors.

About Adlai Nortye

Adlai Nortye Ltd. (NASDAQ: ANL) is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for cancer and other serious diseases. The company’s research and development programs are centered on immuno-oncology and targeted therapies intended to address unmet medical needs.

Adlai Nortye’s pipeline has included buparlisib, an oral pan-PI3K inhibitor being studied in oncology, as well as AN0025, an investigational EP4 antagonist designed to affect pathways involved in tumor growth and immune response.