Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Receives Consensus Rating of “Buy” from Analysts

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) have earned a consensus rating of “Buy” from the five brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $8.00.

Several brokerages recently commented on ADAG. Guggenheim increased their price objective on shares of Adagene from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, April 6th. Wall Street Zen raised shares of Adagene to a “hold” rating in a research note on Saturday, March 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Monday, April 20th.

Hedge Funds Weigh In On Adagene

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADAG. Exome Asset Management LLC acquired a new position in Adagene in the 4th quarter valued at approximately $2,004,000. Fifth Lane Capital LP increased its position in Adagene by 427.3% in the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after acquiring an additional 117,500 shares during the period. Citadel Advisors LLC acquired a new position in Adagene in the 3rd quarter valued at approximately $80,000. SmartHarvest Portfolios LLC acquired a new position in Adagene in the 4th quarter valued at approximately $73,000. Finally, Renaissance Technologies LLC acquired a new position in Adagene in the 1st quarter valued at approximately $135,000. 9.51% of the stock is currently owned by institutional investors and hedge funds.

Adagene Trading Up 2.1%

Shares of NASDAQ:ADAG opened at $3.46 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.07 and a quick ratio of 3.07. The firm has a 50 day simple moving average of $3.79 and a 200 day simple moving average of $2.91. Adagene has a one year low of $1.30 and a one year high of $4.75.

Adagene (NASDAQ:ADAG) last issued its quarterly earnings data on Saturday, February 14th. The company reported ($0.04) EPS for the quarter. The company had revenue of $3.84 million for the quarter. As a group, research analysts anticipate that Adagene will post -0.49 EPS for the current fiscal year.

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.