Culper Research short Adma Biologics, says reported growth ‘a fiction’

Culper Research says it is short Adma Biologics (ADMA) as it believes “Adma’s reported growth is a fiction driven more than entirely by a de facto channel stuffing scheme and an undisclosed related party distributor.” Culper estimates that, absent channel stuffing, Adma’s revenues declined 3% in 2025 vs. the 20% growth reported. “The ASCENIV growth story is already over, and Adma shares are headed lower,” it says in a recently published report. Shares of Adma are trading almost 7% lower at $12.59.