Adagene (NASDAQ:ADAG) Releases Quarterly Earnings Results

Adagene (NASDAQ:ADAG) posted its quarterly earnings data on Wednesday. The company reported ($0.14) earnings per share for the quarter, FiscalAI reports. The company had revenue of $0.81 million for the quarter.

Adagene Trading Down 1.0%

NASDAQ:ADAG opened at $3.68 on Friday. Adagene has a twelve month low of $1.30 and a twelve month high of $4.85. The business has a 50 day moving average price of $3.81 and a two-hundred day moving average price of $3.61. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.03.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Adagene news, CEO Peter Luo acquired 22,966 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were acquired at an average price of $3.65 per share, with a total value of $83,825.90. Following the completion of the transaction, the chief executive officer directly owned 67,966 shares in the company, valued at $248,075.90. This trade represents a 51.04% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 21.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adagene

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADAG. Marex Group plc acquired a new position in shares of Adagene during the 2nd quarter worth about $47,000. SmartHarvest Portfolios LLC bought a new stake in Adagene during the fourth quarter worth about $73,000. Citadel Advisors LLC bought a new stake in Adagene during the third quarter worth about $80,000. Renaissance Technologies LLC acquired a new position in Adagene during the first quarter valued at approximately $135,000. Finally, Fifth Lane Capital LP grew its stake in 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 in the last quarter. 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.