Adagene’s (ADAG) Buy Rating Reiterated at HC Wainwright

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research note issued to investors on Monday, Benzinga reports. They currently have a $7.00 price objective on the stock. HC Wainwright’s target price suggests a potential upside of 105.88% from the company’s current price.

ADAG has been the subject of a number of other reports. Guggenheim reaffirmed a “buy” rating and set a $10.00 price target on shares of Adagene in a report on Tuesday, July 14th. Chardan Capital started coverage on Adagene in a research report on Thursday. They set a “buy” rating and a $9.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $8.67.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $3.40 on Monday. Adagene has a 52 week low of $1.30 and a 52 week high of $4.85. The company’s 50 day moving average is $3.74 and its two-hundred day moving average is $3.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.02 and a quick ratio of 3.07.

Insiders Place Their Bets

In other Adagene news, CEO Peter Luo bought 22,966 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were bought at an average price of $3.65 per share, for a total transaction of $83,825.90. Following the transaction, the chief executive officer owned 67,966 shares of the company’s stock, valued at approximately $248,075.90. This trade represents a 51.04% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders purchased 25,245 shares of company stock valued at $92,344. 21.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new stake in shares of Adagene during the 1st quarter worth $135,000. Fifth Lane Capital LP lifted its stake in shares of Adagene by 427.3% in the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after purchasing an additional 117,500 shares during the period. Exome Asset Management LLC acquired a new stake in shares of Adagene in the fourth quarter valued at about $2,004,000. SmartHarvest Portfolios LLC purchased a new stake in Adagene during the fourth quarter worth about $73,000. Finally, Citadel Advisors LLC purchased a new position in Adagene in the third quarter valued at about $80,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Company Profile

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.