Adagene (NASDAQ:ADAG) Given Buy Rating at HC Wainwright

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research report issued on Monday, October 19th, Marketbeat.com reports. They presently have a $7.00 price target on the stock. HC Wainwright‘s price target points to a potential upside of 176.13% from the company’s current price.

Several other equities research analysts have also issued reports on ADAG. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Thursday, October 15th. Chardan Capital initiated coverage on Adagene in a report on Thursday, September 10th. They issued a “buy” rating and a $9.00 price objective on the stock. Finally, Guggenheim reiterated a “buy” rating and issued a $10.00 price objective on shares of Adagene in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Adagene Price Performance

Shares of Adagene stock traded up $0.05 during trading hours on Monday, reaching $2.54. The company had a trading volume of 26,576 shares, compared to its average volume of 246,384. Adagene has a one year low of $1.30 and a one year high of $4.85. The business has a fifty day simple moving average of $3.16 and a 200 day simple moving average of $3.38.

Insider Transactions at Adagene

In other Adagene news, CEO Peter Luo purchased 22,966 shares of Adagene stock in a transaction that occurred 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 acquisition, the chief executive officer directly owned 67,966 shares in the company, valued at approximately $248,075.90. This trade represents a 51.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders bought 47,535 shares of company stock worth $162,258. 21.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adagene stock. Renaissance Technologies LLC bought a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned 0.07% of Adagene as of its most recent filing with the Securities and Exchange Commission. 9.51% of the stock is currently owned by institutional investors and hedge funds.

Adagene Company Profile

Adagene Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based cancer immunotherapies. The company uses computational technologies and antibody-engineering capabilities to discover and develop therapies designed to activate the immune system against tumors while limiting activity in healthy tissues.

Adagene’s proprietary SAFEbody technology is designed to conditionally mask antibody binding sites so that therapies are preferentially activated in the tumor microenvironment.