Adagene (NASDAQ:ADAG) Stock Price Up 0.8% – Time to Buy?

Adagene Inc. Sponsored ADR (NASDAQ:ADAG)’s stock price shot up 0.8% during mid-day trading on Monday . The stock traded as high as $3.81 and last traded at $3.62. 98,009 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 362,812 shares. The stock had previously closed at $3.59.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Guggenheim reissued a “buy” rating and set a $10.00 target price on shares of Adagene in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $8.00.

Adagene Stock Performance

The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average of $3.78 and a 200 day moving average of $3.37.

Hedge Funds Weigh In On Adagene

Institutional investors have recently made changes to their positions in the business. Marex Group plc purchased a new position in shares of Adagene during the 2nd quarter valued at approximately $47,000. SmartHarvest Portfolios LLC acquired a new stake in shares of Adagene during the fourth quarter worth approximately $73,000. Citadel Advisors LLC bought a new stake in shares of Adagene in the third quarter worth $80,000. Renaissance Technologies LLC bought a new stake in shares of Adagene in the first quarter worth $135,000. Finally, Fifth Lane Capital LP raised its holdings 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 acquiring an additional 117,500 shares in the last quarter. 9.51% of the stock is owned by institutional investors and hedge funds.

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.