- Addressing concerns about channel stuffing, Adma said distributor inventory levels are consistent with industry norms.
- Culper had claimed that Adma inflated Asceniv’s sales by 40% to 76%.
- Adma also denied any undisclosed related-party transactions, calling Culper's claims baseless.
Adma Biologics (ADMA) remained in the spotlight as it pushed back against a short report from Culper Research, calling the claims “unsubstantiated” and “misleading” as it sought to reassure investors about demand trends for its flagship therapy, Asceniv.
ADMA stock was up 15% at the time of writing.
Adma Says Asceniv Demand Growing Over Past Two Years
The company said demand for its immune globulin therapy, Asceniv, has been steadily growing over the past two years, supported by data from distributors and end users. Culper had stated that Adma inflated Asceniv’s sales by 40% to 76%.
Addressing channel stuffing concerns, Adma said distributor inventory levels are consistent with industry norms, and maintaining a safety stock reflects normal supply dynamics rather than excess buildup. Culper had alleged that Adma’s revenue declined 3% in 2025, while the company reported a 20% growth.
The company also highlighted that it has received unqualified audit opinions for 2024 and 2025 from a Big Four accounting firm, confirming that its financial reporting complies with U.S. GAAP. It also denied any undisclosed related-party transactions, calling such claims baseless.
What Did Culper Allege?
On Tuesday, Culper Research took a short position in the company, claiming the growth story for Asceniv, an FDA-approved treatment for Primary Humoral Immunodeficiency, has peaked and alleged that reported revenues may be inflated by as much as 40% to 76%.
Culper also accused the company of encouraging distributors to take excess inventory through rebates and extended payment terms, suggesting demand may be weaker than reported. It further noted that insider stock sales exceeded $50 million over the past three years.
Following the report, Cantor Fitzgerald downgraded the stock to Neutral, citing insufficient clarity in the company’s response and concerns around rising receivables.
How Did Retail Traders React?
Retail sentiment on Stocktwits remained in the ‘extremely bullish’ zone over the past 24 hours, amid ‘extremely high’ message volumes.
One user said Asceniv’s patient retention is high, and revenue visibility is strong.
Another user expects the stock’s movement to be the “beginning of a big rally.”
Year-to-date, the stock has shed nearly 50%.
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