- Without the sales figure inflation, Culper estimates Adma's revenues declined 3% in 2025 as compared to the 20% growth reported.
- According to Culper, the growth story for the company’s flagship product Asceniv is already over and the shares of the company are now headed lower.
- Culper alleged, based on its research, that the company induced its distributor to stock excess Asceniv by offering rebates and extended payment terms in order to meet order expectations.
Shares of Adma Biologics Inc. (ADMA) closed 17% lower on Tuesday after Culper Research said it has taken a short position in the company.
Culper alleged in a report that Adma’s reported growth is a “fiction driven more than entirely by a de facto channel stuffing scheme and an undisclosed related party distributor."
Without the sales figure inflation, Culper estimates Adma's revenues declined 3% in 2025 as compared to the 20% growth reported.
Asceniv Sales And Demand
According to Culper, the growth story for the company’s flagship product Asceniv is already over and the shares of the company are now headed lower. Asceniv is an FDA-approved intravenous immune globulin used for treating Primary Humoral Immunodeficiency (PI), a common inborn error of immunity characterized by reduced or dysfunctional antibody production.
Culper alleged, based on its research, that the company induced its distributor to stock excess Asceniv by offering rebates and extended payment terms in order to meet order expectations. However, there isn’t as much demand, leaving distributors with excess inventory, the firm said.
“Distributors take unwanted product without having to pay for it, ADMA books the revenues, and reports growth that was never there,” the firm alleged, while adding that it believes that the company’s reported Asceniv revenues are inflated by 40-76%. Culper also noted that company insiders, including CEO Adam Grossman, have collectively sold over $50 million in stock in the past 3 years.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around ADMA stock rose from ‘neutral’ to ‘extremely bullish’ territory over the past 24 hours while message volume rose from ‘normal’ to ‘extremely high’ levels.
ADMA stock has dived 44% over the past 12 months.
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