Adagene Inc. Sponsored ADR (NASDAQ:ADAG – Get Free Report) dropped 1.1% on Thursday. The company traded as low as $2.71 and last traded at $2.78. Approximately 240,466 shares traded hands during trading, a decline of 16% from the average daily volume of 287,214 shares. The stock had previously closed at $2.81.
Wall Street Analyst Weigh In
ADAG has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Adagene in a report on Monday, September 14th. Chardan Capital began coverage on shares of Adagene in a research report on Thursday, September 10th. They set a “buy” rating and a $9.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a report on Friday, July 17th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Adagene in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Adagene has an average rating of “Moderate Buy” and an average target price of $8.67.
Check Out Our Latest Stock Analysis on ADAG
Adagene Stock Performance
Insider Transactions at Adagene
In other Adagene news, CEO Peter Luo purchased 20,290 shares of the stock in a transaction on Wednesday, September 16th. The shares were purchased at an average cost of $3.15 per share, for a total transaction of $63,913.50. Following the purchase, the chief executive officer owned 88,535 shares of the company’s stock, valued at approximately $278,885.25. This represents a 29.73% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have acquired 47,535 shares of company stock valued at $162,258. 21.20% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
An institutional investor recently bought a new position in Adagene stock. Renaissance Technologies LLC acquired a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned about 0.07% of Adagene at the end of the most recent quarter. Hedge funds and other institutional investors own 9.51% of the company’s stock.
Adagene Company Profile
Adagene Inc is a biotechnology company focused on discovering and developing novel antibody-based cancer immunotherapies. The company combines computational methods, antibody engineering and translational research to create medicines designed to address limitations associated with conventional immuno-oncology treatments.
Adagene’s technology platform includes NEObody, which is intended to identify antibodies with differentiated binding characteristics, and SAFEbody, a masking technology designed to conditionally activate antibodies in the tumor microenvironment.
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