Point72 Asset Management L.P. increased its position in shares of Aadi Bioscience, Inc. (NASDAQ:AADI – Get Rating) by 156.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 542,044 shares of the company's stock after purchasing an additional 330,513 shares during the period. Point72 Asset Management L.P. owned 2.59% of Aadi Bioscience worth $6,678,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in AADI. Qube Research & Technologies Ltd acquired a new position in Aadi Bioscience in the first quarter worth approximately $294,000. Decheng Capital Management III Cayman LLC acquired a new position in Aadi Bioscience in the first quarter worth approximately $8,932,000. Renaissance Technologies LLC grew its position in Aadi Bioscience by 8.6% in the first quarter. Renaissance Technologies LLC now owns 139,522 shares of the company's stock worth $2,368,000 after buying an additional 11,000 shares during the last quarter. UBS Group AG grew its position in Aadi Bioscience by 135.3% in the first quarter. UBS Group AG now owns 56,684 shares of the company's stock worth $961,000 after buying an additional 32,590 shares during the last quarter. Finally, Eversept Partners LP acquired a new position in Aadi Bioscience in the first quarter worth approximately $2,559,000. Institutional investors and hedge funds own 63.00% of the company's stock.
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AADI stock opened at $13.26 on Friday. The firm has a 50 day simple moving average of $13.18 and a 200 day simple moving average of $13.32. Aadi Bioscience, Inc. has a 52 week low of $11.00 and a 52 week high of $26.60. The stock has a market cap of $323.54 million, a P/E ratio of -4.45 and a beta of 1.28.
Aadi Bioscience (NASDAQ:AADI – Get Rating) last released its earnings results on Wednesday, November 9th. The company reported ($0.68) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.75) by $0.07. Aadi Bioscience had a negative net margin of 569.57% and a negative return on equity of 44.28%. The company had revenue of $4.25 million during the quarter, compared to the consensus estimate of $3.60 million. Sell-side analysts predict that Aadi Bioscience, Inc. will post -2.86 EPS for the current year.Wall Street Analyst Weigh In
Separately, LADENBURG THALM/SH SH cut their target price on shares of Aadi Bioscience to $47.00 in a research note on Tuesday, November 15th.
About Aadi Bioscience
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Aadi Bioscience, Inc, a clinical-stage biopharmaceutical company, engages in developing and commercializing precision therapies for genetically defined cancers with alterations in mTOR pathway genes. Its lead drug candidate, FYARRO is a form of sirolimus bound to albumin. Aadi is evaluating FYARRO in cancers with known mTOR pathway activation, including tumor agnostic indications targeting specific genomic alterations that activate the mTOR pathway.
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