Adagene (NASDAQ:ADAG) CEO Buys $83,825.90 in Stock

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) CEO Peter Luo purchased 22,966 shares of Adagene stock in a transaction dated Tuesday, August 4th. The stock was bought at an average cost of $3.65 per share, for a total transaction of $83,825.90. Following the completion of the purchase, the chief executive officer directly owned 67,966 shares in the company, valued at approximately $248,075.90. This trade represents a 51.04% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Peter Luo also recently made the following trade(s):

• On Wednesday, August 5th, Peter Luo acquired 279 shares of Adagene stock. The stock was bought at an average price of $3.65 per share, for a total transaction of $1,018.35.

Adagene Trading Down 0.7%

NASDAQ:ADAG opened at $4.11 on Friday. Adagene Inc. Sponsored ADR has a fifty-two week low of $1.30 and a fifty-two week high of $4.85. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average price of $3.78 and a 200 day moving average price of $3.55.

Wall Street Analyst Weigh In

ADAG has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a research note on Friday, July 17th. Guggenheim reissued a “buy” rating and set a $10.00 target price on shares of Adagene in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Institutional Investors Weigh In On Adagene

Several large investors have recently added to or reduced their stakes in ADAG. Exome Asset Management LLC acquired a new position in shares of Adagene in the fourth quarter worth $2,004,000. Fifth Lane Capital LP raised its stake in shares of Adagene by 427.3% in the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after acquiring an additional 117,500 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Adagene in the third quarter valued at $80,000. SmartHarvest Portfolios LLC purchased a new position in Adagene in the fourth quarter valued at $73,000. Finally, Renaissance Technologies LLC purchased a new position in Adagene in the first quarter valued at $135,000. 9.51% of the stock is owned by hedge funds and other institutional investors.

Adagene Company Profile

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.