Adagio Therapeutics (NASDAQ:ADGI) Announces Earnings Results

Adagio Therapeutics (NASDAQ:ADGIGet Rating) released its earnings results on Monday. The company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.06, MarketWatch Earnings reports.

Adagio Therapeutics Price Performance

Shares of NASDAQ ADGI opened at $3.89 on Wednesday. Adagio Therapeutics has a 52-week low of $2.41 and a 52-week high of $78.82. The business’s 50 day moving average is $3.59 and its two-hundred day moving average is $4.22.

Institutional Trading of Adagio Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. acquired a new position in shares of Adagio Therapeutics in the first quarter worth $34,000. ProShare Advisors LLC acquired a new position in shares of Adagio Therapeutics in the first quarter worth $51,000. JPMorgan Chase & Co. grew its stake in shares of Adagio Therapeutics by 2,707.4% in the first quarter. JPMorgan Chase & Co. now owns 366,392 shares of the company’s stock worth $1,670,000 after acquiring an additional 353,341 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Adagio Therapeutics by 157.1% in the first quarter. Bank of New York Mellon Corp now owns 174,158 shares of the company’s stock worth $794,000 after acquiring an additional 106,421 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in shares of Adagio Therapeutics by 403.6% in the first quarter. MetLife Investment Management LLC now owns 38,979 shares of the company’s stock worth $178,000 after acquiring an additional 31,239 shares in the last quarter. Hedge funds and other institutional investors own 88.72% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ADGI. Stifel Nicolaus reduced their price target on shares of Adagio Therapeutics from $9.00 to $5.00 in a research report on Friday, May 13th. Morgan Stanley reduced their price target on shares of Adagio Therapeutics to $3.00 and set an “underweight” rating on the stock in a research report on Tuesday, May 17th.

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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Earnings History for Adagio Therapeutics (NASDAQ:ADGI)

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