Adagene (NASDAQ:ADAG) Now Covered by Chardan Capital

Research analysts at Chardan Capital started coverage on shares of Adagene (NASDAQ:ADAG) in a research note issued on Thursday, Benzinga reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Chardan Capital’s price target indicates a potential upside of 175.23% from the stock’s previous close.

Several other research firms have also recently commented on ADAG. Guggenheim restated a “buy” rating and set a $10.00 price target on shares of Adagene in a research note on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $9.50.

Adagene Stock Down 6.3%

Shares of ADAG opened at $3.27 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.07 and a current ratio of 5.02. The company’s 50 day simple moving average is $3.78 and its 200-day simple moving average is $3.72. Adagene has a 12-month low of $1.30 and a 12-month high of $4.85.

Insider Buying and Selling

In other 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 completion of the acquisition, the chief executive officer directly owned 67,966 shares in the company, valued at $248,075.90. This represents a 51.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders bought 25,245 shares of company stock worth $92,344. Company insiders own 21.20% of the company’s stock.

Institutional Investors Weigh In On Adagene

Several hedge funds have recently modified their holdings of ADAG. Marex Group plc acquired a new position in shares of Adagene in the 2nd quarter valued at $47,000. Renaissance Technologies LLC acquired a new stake in shares of Adagene during the 1st quarter worth $135,000. SmartHarvest Portfolios LLC acquired a new stake in shares of Adagene during the 4th quarter worth $73,000. Citadel Advisors LLC purchased a new position in shares of Adagene in the 3rd quarter worth $80,000. Finally, Fifth Lane Capital LP raised its position in shares of Adagene by 427.3% in the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock worth $274,000 after buying an additional 117,500 shares during the period. 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.