Adagene (NASDAQ:ADAG) Research Coverage Started at Chardan Capital

Chardan Capital initiated coverage on shares of Adagene (NASDAQ:ADAG) in a report published on Thursday, MarketBeat.com reports. The firm issued a buy rating and a $9.00 price target on the stock.

A number of other research firms have also commented on ADAG. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Adagene in a research note on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $3.40 on Thursday. The business has a fifty day simple moving average of $3.74 and a 200 day simple moving average of $3.72. Adagene has a 12-month low of $1.30 and a 12-month high of $4.85. The company has a quick ratio of 3.07, a current ratio of 5.02 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling

In other Adagene news, CEO Peter Luo bought 22,966 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was acquired at an average price of $3.65 per share, with a total value of $83,825.90. Following the completion of the purchase, the chief executive officer directly 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 purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders purchased a total of 25,245 shares of company stock worth $92,344 over the last ninety days. Company insiders own 21.20% of the company’s stock.

Hedge Funds Weigh In On Adagene

A number of institutional investors and hedge funds have recently modified their holdings of the business. Exome Asset Management LLC bought a new stake in shares of Adagene in the 4th quarter valued at $2,004,000. Fifth Lane Capital LP grew its holdings in Adagene by 427.3% in the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock worth $274,000 after purchasing an additional 117,500 shares during the period. Citadel Advisors LLC bought a new stake in Adagene in the third quarter valued at $80,000. SmartHarvest Portfolios LLC bought a new stake in Adagene in the fourth quarter valued at $73,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Adagene during the first quarter valued at about $135,000. 9.51% of the stock is currently 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.