Adagene (NASDAQ:ADAG) Announces Earnings Results, Beats Estimates By $0.24 EPS

Adagene (NASDAQ:ADAG) issued its earnings results on Wednesday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.24, FiscalAI reports. The business had revenue of $3.84 million for the quarter, compared to the consensus estimate of $17.50 million.

Adagene Trading Up 17.6%

Shares of Adagene stock traded up $0.69 during trading on Wednesday, hitting $4.61. The stock had a trading volume of 214,490 shares, compared to its average volume of 187,962. Adagene has a 12 month low of $1.30 and a 12 month high of $4.72. The business’s 50-day moving average is $3.17 and its 200 day moving average is $2.33.

Hedge Funds Weigh In On Adagene

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADAG. Exome Asset Management LLC bought a new position in Adagene in the 4th quarter worth about $2,004,000. Citadel Advisors LLC bought a new stake in shares of Adagene during the 3rd quarter valued at about $80,000. SmartHarvest Portfolios LLC purchased a new position in shares of Adagene during the fourth quarter worth about $73,000. Finally, Marex Group plc bought a new position in shares of Adagene in the second quarter worth approximately $47,000. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADAG has been the subject of a number of recent analyst reports. Wall Street Zen raised Adagene to a “hold” rating in a report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a report on Wednesday, January 21st. Two equities research analysts have 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, Adagene currently has an average rating of “Buy” and a consensus price target of $7.67.

Adagene Company Profile

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.