Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) has been given an average recommendation of “Moderate Buy” by the five ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $8.67.

Several equities research analysts recently issued reports on ADAG shares. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Adagene in a research note on Tuesday, July 14th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Adagene in a research report on Monday, September 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a report on Friday, July 17th. Finally, Chardan Capital started coverage on Adagene in a report on Thursday, September 10th. They set a “buy” rating and a $9.00 target price on the stock.

Insider Activity

In related news, CEO Peter Luo acquired 20,290 shares of the stock in a transaction dated Wednesday, September 16th. The shares were acquired at an average price of $3.15 per share, with a total value of $63,913.50. Following the acquisition, the chief executive officer owned 88,535 shares in the company, valued at approximately $278,885.25. The trade was a 29.73% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders bought 47,535 shares of company stock worth $162,258. Corporate insiders own 21.20% of the company’s stock.

Institutional Investors Weigh In On Adagene

A hedge fund recently raised its position in Adagene stock. Fifth Lane Capital LP raised its stake in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) by 427.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 145,000 shares of the company’s stock after purchasing an additional 117,500 shares during the period. Fifth Lane Capital LP owned 0.31% of Adagene worth $274,000 as of its most recent SEC filing. Institutional investors and hedge funds own 9.51% of the company’s stock.

Adagene Stock Performance

Adagene stock opened at $2.46 on Friday. The firm’s fifty day simple moving average is $3.44 and its 200-day simple moving average is $3.66. Adagene has a 1-year low of $1.30 and a 1-year high of $4.85.

Adagene Company Profile

Adagene Inc is a biotechnology company focused on discovering and developing novel antibody-based cancer immunotherapies. The company combines computational methods, antibody engineering and translational research to create medicines designed to address limitations associated with conventional immuno-oncology treatments.

Adagene’s technology platform includes NEObody, which is intended to identify antibodies with differentiated binding characteristics, and SAFEbody, a masking technology designed to conditionally activate antibodies in the tumor microenvironment.