ADMA Biologics Addresses Misleading Short-Seller Report

Rhea-AI Summary

ADMA Biologics (Nasdaq: ADMA) responded on April 6, 2026 to a March 24, 2026 report by Culper Research that disclosed a short position in ADMA.

The company said the report relies on unidentified sources, contains misleading and inaccurate statements, and that ADMA and its board are reviewing the assertions while continuing to report results in accordance with SEC rules and U.S. GAAP.

News Market Reaction – ADMA

-15.00% 1.8x vol

60 alerts

-15.00% Session close to close

-32.1% Trough in 24 hr 8 min

$2.55B Market Cap

1.8x Rel. Volume

In the Mar 25 session, ADMA declined 15.00%, reflecting a significant negative market reaction. Argus tracked a trough of -32.1% from its starting point during tracking. Our momentum scanner triggered 60 alerts that day, indicating high trading interest and price volatility. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -15.0% in the session following this news. A negative reaction despite management’...

Analysis

The stock dropped -15.0% in the session following this news. A negative reaction despite management’s rebuttal fits a risk-off response to short-seller scrutiny. The stock closed at 11.33, down 16.63% on volume 4.2x normal, and trading well below the 17.01 200-day MA and 55.86% under the 25.67 52-week high. Historically, ADMA’s positive fundamental news produced modest gains, so a sharp decline contrasts with that pattern and highlights sentiment risk if investor confidence in prior growth and buyback narratives weakens.

Historical Context

5 past events · Latest: Mar 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 02	Share repurchase plan	Positive	+6.5%	Announced 2026 capital return plan with $125M ASR under $500M authorization.
Feb 25	Earnings results	Positive	+1.0%	Reported record FY2025 revenue $510.2M and strong growth in key products.
Feb 18	Earnings date set	Neutral	+0.3%	Scheduled Q4 and FY2025 results release and conference call details.
Jan 12	Prelim revenue update	Positive	-0.1%	Issued preliminary FY2025 revenue $510–511M and raised 2026–2027 guidance.
Jan 05	Conference appearance	Neutral	+0.8%	Announced CEO presentation at J.P. Morgan Healthcare Conference with webcast.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent fundamental and capital return announcements have generally been followed by modest positive price reactions, with only one slight divergence into negative territory.

Recent Company History

Over the last few months, ADMA highlighted strong fundamentals and shareholder return actions. A $200 million 2026 capital return initiative, including a $125 million ASR, and record FY2025 results with revenue around $510–511 million and growing adjusted EBITDA were followed by small gains after prior news. Earlier business updates and a J.P. Morgan conference appearance also saw mild positive or flat reactions. Against this backdrop of mostly constructive news flow and historically modest positive reactions, the current sharp decline linked to a short-seller report stands out as atypically severe.

Key Terms

short position, u.s. gaap

2 terms

short position financial

"Culper Research holds a short position in ADMA."

A short position is when an investor borrows shares and sells them now because they expect the stock’s price to fall, planning to buy the shares back later at a lower price and return them. It matters to investors because it can amplify gains if the bet is right but cause unlimited losses if the price rises; large short positions also affect market supply, signal negative sentiment, and can increase volatility, similar to many people betting against a team's chances.

View in glossary

u.s. gaap financial

"in accordance with the standards of U.S. GAAP."

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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RAMSEY, N.J. and BOCA RATON, Fla., March 25, 2026 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today addressed a report issued on March 24, 2026 by Culper Research (the “Short Report”), a firm that has published similarly negative “research reports” regarding public companies after taking short positions in the stock. The Short Report discloses that Culper Research holds a short position in ADMA. ADMA, and its Board of Directors takes seriously its obligations to fairly and accurately report its operating and financial results and make all public disclosures in accordance with the rules and regulations of the U.S. Securities and Exchange Commission and in accordance with the standards of U.S. GAAP. The Short Report, by contrast, appears premised on speculative assertions derived from unidentified and unreliable sources and contains numerous misleading, false and inaccurate statements. Despite the conjecture pervading the Short Report, ADMA is taking appropriate steps to review the assertions.

About ADMA Biologics, Inc. (ADMA)

ADMA Biologics is a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases: ASCENIV™ (immune globulin intravenous, human – slra 10% liquid) for the treatment of primary humoral immunodeficiency (PI); BIVIGAM^® (immune globulin intravenous, human) for the treatment of PI; and NABI-HB^® (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. Additionally, ADMA is developing SG-001, a pre-clinical, investigative hyperimmune globulin targeting S. pneumonia. ADMA manufactures its immune globulin products and product candidates at its FDA-licensed plasma fractionation and purification facility located in Boca Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides its blood plasma for the manufacture of its products and product candidates. ADMA’s mission is to manufacture, market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations who suffer from an underlying immune deficiency, or who may be immune compromised for other medical reasons. ADMA holds numerous U.S. and foreign patents related to and encompassing various aspects of its products and product candidates. For more information, please visit www.admabiologics.com.

INVESTOR RELATIONS CONTACT:
Argot Partners | 212-600-1902 | ADMA@argotpartners.com

FAQ

What did ADMA (ADMA) say about the March 24, 2026 Culper Research short report?

ADMA said the Culper Research report contains misleading and inaccurate statements and relies on unidentified sources. According to the company, it is reviewing the assertions while reaffirming adherence to SEC disclosure rules and U.S. GAAP accounting standards.

Did Culper Research disclose a position in ADMA stock in its March 24, 2026 report?

Yes. The Short Report discloses that Culper Research holds a short position in ADMA. According to the company, that disclosure accompanies what ADMA describes as speculative assertions from unreliable sources.

How is ADMA (ADMA) responding to the allegations in the short-seller report?

ADMA is formally reviewing the assertions and taking appropriate steps to address the report's claims. According to the company, its board takes reporting and disclosure obligations seriously and will evaluate the short report's statements.

Does ADMA claim any regulatory or GAAP violations in relation to the short report?

No. ADMA states it complies with SEC rules and U.S. GAAP and does not concede any violations. According to the company, the short report's conclusions are speculative and contain false or inaccurate statements.

Could the March 24, 2026 short report affect ADMA (ADMA) investors?

The company noted the report's statements are misleading and is reviewing them, but did not provide quantified financial impact. According to the company, investors should consider its official disclosures prepared under SEC rules and U.S. GAAP.