Adagene (NASDAQ:ADAG) Releases Earnings Results, Beats Estimates By $0.24 EPS

Adagene (NASDAQ:ADAG) announced its quarterly earnings data on Wednesday. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.24, FiscalAI reports. The business had revenue of $3.84 million for the quarter, compared to the consensus estimate of $17.50 million.

Adagene Trading Up 17.6%

Shares of NASDAQ ADAG traded up $0.69 during mid-day trading on Wednesday, reaching $4.61. 214,490 shares of the company’s stock were exchanged, compared to its average volume of 187,962. The firm has a 50-day moving average price of $3.17 and a two-hundred day moving average price of $2.33. Adagene has a 52 week low of $1.30 and a 52 week high of $4.72.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ADAG. Wall Street Zen raised Adagene to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $7.67.

Hedge Funds Weigh In On Adagene

Institutional investors and hedge funds have recently bought and sold shares of the company. Marex Group plc bought a new position in shares of Adagene in the second quarter worth $47,000. SmartHarvest Portfolios LLC bought a new stake in shares of Adagene during the 4th quarter valued at $73,000. Citadel Advisors LLC purchased a new stake in Adagene during the 3rd quarter worth about $80,000. Finally, Exome Asset Management LLC bought a new position in Adagene in the 4th quarter worth about $2,004,000. 9.51% of the stock is owned by institutional investors.

About Adagene

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.