Adagene (NASDAQ:ADAG) Earns Buy Rating from HC Wainwright

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued on Monday, MarketBeat.com reports. They presently have a $7.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 180.00% from the company’s previous close.

Several other research firms have also recently weighed in on ADAG. Guggenheim reiterated a “buy” rating and set a $10.00 price objective on shares of Adagene in a research note on Tuesday, July 14th. Chardan Capital assumed coverage on shares of Adagene in a research report on Thursday, September 10th. They issued a “buy” rating and a $9.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Adagene Stock Performance

Shares of NASDAQ ADAG opened at $2.50 on Monday. The stock’s fifty day moving average is $3.26 and its 200 day moving average is $3.60. Adagene has a 52 week low of $1.30 and a 52 week high of $4.85.

Insider Activity

In other Adagene news, CEO Peter Luo purchased 22,966 shares of the stock in a transaction dated Tuesday, August 4th. The stock was bought at an average price of $3.65 per share, with a total value of $83,825.90. Following the acquisition, the chief executive officer owned 67,966 shares of the company’s stock, valued at approximately $248,075.90. This represents a 51.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders acquired 47,535 shares of company stock valued at $162,258. Company insiders own 21.20% of the company’s stock.

Institutional Trading of Adagene

A hedge fund recently bought a new position in Adagene stock. Renaissance Technologies LLC acquired a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned approximately 0.07% of Adagene as of its most recent SEC filing. Hedge funds and other institutional investors own 9.51% of the company’s stock.

About Adagene

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.