Adagene (NASDAQ:ADAG) Earns “Buy” Rating from Chardan Capital

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $9.00 price objective on the stock. Chardan Capital‘s price target indicates a potential upside of 235.20% from the stock’s previous close.

A number of other brokerages have also weighed in on ADAG. Stifel Nicolaus set a $7.00 price objective on Adagene in a report on Monday, October 19th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Adagene in a report on Monday, October 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research report on Thursday, October 15th. Finally, Guggenheim reissued a “buy” rating and issued a $10.00 price target on shares of Adagene in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Adagene has an average rating of “Moderate Buy” and an average price target of $8.25.

Adagene Trading Up 4.1%

ADAG stock traded up $0.11 during trading on Wednesday, hitting $2.69. The stock had a trading volume of 136,396 shares, compared to its average volume of 246,702. Adagene has a twelve month low of $1.30 and a twelve month high of $4.85. The company’s 50-day moving average price is $3.14 and its two-hundred day moving average price is $3.39.

Insider Buying and Selling at Adagene

In other Adagene news, CEO Peter Luo purchased 22,966 shares of the stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average cost of $3.65 per share, for a total transaction of $83,825.90. Following the acquisition, the chief executive officer owned 67,966 shares in the company, valued at $248,075.90. This trade represents a 51.04% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders acquired 47,535 shares of company stock worth $162,258. Corporate insiders own 21.20% of the company’s stock.

Hedge Funds Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Renaissance Technologies LLC bought a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 SEC filing. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

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.