Chardan Capital Reaffirms “Buy” Rating for Adagene (NASDAQ:ADAG)

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reissued by investment analysts at Chardan Capital in a research report issued on Wednesday, Benzinga reports. They presently have a $9.00 target price on the stock. Chardan Capital‘s price objective indicates a potential upside of 232.84% from the company’s current price.

A number of other brokerages have also issued reports on ADAG. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of Adagene in a research report on Monday, October 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research report on Thursday, October 15th. Stifel Nicolaus set a $7.00 target price on Adagene in a research note on Monday, October 19th. Finally, Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Adagene in a research note on Tuesday, July 14th. One research 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 MarketBeat, Adagene has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Adagene Trading Up 4.8%

Shares of Adagene stock traded up $0.12 during trading on Wednesday, hitting $2.70. The stock had a trading volume of 110,431 shares, compared to its average volume of 246,333. The business has a fifty day moving average of $3.14 and a two-hundred day moving average of $3.39. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.85.

Insider Buying and Selling

In other news, CEO Peter Luo purchased 22,966 shares of the business’s stock in a transaction on Tuesday, August 4th. The stock was purchased at an average price of $3.65 per share, with a total value of $83,825.90. Following the acquisition, the chief executive officer directly owned 67,966 shares in the company, valued at approximately $248,075.90. The trade was a 51.04% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders purchased 47,535 shares of company stock valued at $162,258. Corporate insiders own 21.20% of the company’s stock.

Institutional Investors Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Renaissance Technologies LLC acquired a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the first quarter, according to its most recent filing with the SEC. The firm acquired 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned about 0.07% of Adagene as of its most recent filing with the SEC. 9.51% of the stock is owned by institutional investors and hedge funds.

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.