Adagene (NASDAQ:ADAG) Stock Rating Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Adagene (NASDAQ:ADAG) from a hold rating to a sell rating in a report issued on Saturday,Wall Street Zen reports.

A number of other research firms also recently commented on ADAG. Chardan Capital reiterated a “buy” rating and issued a $9.00 price target on shares of Adagene in a research note on Wednesday, October 28th. Stifel Nicolaus set a $7.00 target price on Adagene in a research report on Monday, October 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a report on Thursday, October 15th. Guggenheim reissued a “buy” rating and set a $10.00 price target on shares of Adagene in a research report on Tuesday, July 14th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Adagene in a report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Adagene presently has an average rating of “Moderate Buy” and an average target price of $8.25.

Adagene Price Performance

Shares of ADAG stock opened at $2.00 on Friday. The firm has a fifty day moving average of $2.88 and a two-hundred day moving average of $3.41. Adagene has a 1-year low of $1.30 and a 1-year high of $4.85.

Insider Buying and Selling

In other news, CEO Peter Luo purchased 20,290 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was bought at an average cost of $3.15 per share, for a total transaction of $63,913.50. Following the completion of the acquisition, the chief executive officer directly owned 88,535 shares of the company’s stock, valued at approximately $278,885.25. The trade was a 29.73% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased a total of 24,290 shares of company stock worth $77,414 in the last 90 days. Company insiders own 21.20% of the company’s stock.

Institutional Trading of Adagene

An institutional investor recently bought a new position in Adagene stock. Renaissance Technologies LLC acquired a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 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 owned by institutional investors and hedge funds.

About Adagene

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.