Adagene (NASDAQ:ADAG) CEO Peter Luo Buys 22,966 Shares

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) CEO Peter Luo purchased 22,966 shares of Adagene stock in a transaction dated Tuesday, August 4th. The shares were bought at an average price of $3.65 per share, with a total value of $83,825.90. Following the completion of the acquisition, the chief executive officer directly owned 67,966 shares of the company’s stock, valued at approximately $248,075.90. This represents a 51.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Peter Luo also recently made the following trade(s):

• On Wednesday, August 5th, Peter Luo purchased 279 shares of Adagene stock. The stock was bought at an average cost of $3.65 per share, with a total value of $1,018.35.

Adagene Price Performance

Adagene stock traded down $0.09 during mid-day trading on Thursday, reaching $4.14. The stock had a trading volume of 299,471 shares, compared to its average volume of 231,040. The company has a 50-day moving average price of $3.78 and a two-hundred day moving average price of $3.53. Adagene Inc. Sponsored ADR has a one year low of $1.30 and a one year high of $4.85. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.07.

Institutional Investors Weigh In On Adagene

Large investors have recently bought and sold shares of the business. Exome Asset Management LLC purchased a new stake in shares of Adagene during the 4th quarter valued at about $2,004,000. Fifth Lane Capital LP raised its holdings in shares of Adagene by 427.3% during 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 last quarter. Citadel Advisors LLC bought a new position in Adagene during the third quarter valued at approximately $80,000. SmartHarvest Portfolios LLC bought a new position in Adagene during the fourth quarter valued at approximately $73,000. Finally, Renaissance Technologies LLC purchased a new stake in Adagene in the first quarter worth approximately $135,000. 9.51% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ADAG shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research note on Friday, July 17th. Guggenheim reissued a “buy” rating and set a $10.00 price target on shares of Adagene in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Adagene has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

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.