Nasdaq Biotech Shaken by Short Selling Report… ₩380 Billion Vanished in a Day

ADMA Biologics Inc. (Nasdaq: ADMA) closed at $9.74 on March 24, down 14.02%, valuing the company at about $2.3 billion (approximately KRW 3.1 trillion). In a single session, roughly $285 million (around KRW 380 billion) in market value was wiped out, with trading volume reaching 23.01 million shares. The sharp decline was triggered by a report from short-seller research firm Culper Research, which questioned the quality of ADMA’s revenues and its accounting practices. Earlier this month, the company inked a $125 million share-repurchase deal with J.P. Morgan as part of a broader $500 million buyback program.

Headquartered in Ramsey, New Jersey, ADMA Biologics is a specialized biopharmaceutical company focused on plasma-derived immunoglobulins. It operates a vertically integrated model, directly manufacturing and selling FDA-approved products such as ASCENIV, BIVIGAM, and Nabi-HB. In the third quarter of 2025, revenue rose 12% year-over-year to $134.2 million (about KRW 180 billion), continuing its high-growth trajectory. The recent short-sell report has intensified market scrutiny of the company’s growth prospects and the quality of its financial results.