Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Stock Has Consensus Price Target of $8.67

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) has been given an average rating of “Moderate Buy” by the five analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $8.67.

Several equities research analysts have recently issued reports on the stock. Guggenheim restated a “buy” rating and issued a $10.00 target price on shares of Adagene in a report on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a report on Thursday. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Adagene in a research note on Monday, September 14th. Finally, Chardan Capital started coverage on shares of Adagene in a research note on Thursday, September 10th. They issued a “buy” rating and a $9.00 target price for the company.

Adagene Stock Performance

Shares of ADAG stock opened at $2.40 on Friday. The stock’s 50 day simple moving average is $3.37 and its two-hundred day simple moving average is $3.64. Adagene has a 1 year low of $1.30 and a 1 year high of $4.85.

Insiders Place Their Bets

In related news, CEO Peter Luo purchased 20,290 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were acquired at an average price of $3.15 per share, for a total transaction of $63,913.50. Following the purchase, the chief executive officer owned 88,535 shares of the company’s stock, valued at $278,885.25. This trade represents a 29.73% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders have purchased 47,535 shares of company stock worth $162,258. 21.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Adagene stock. Fifth Lane Capital LP lifted its holdings in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) by 427.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 145,000 shares of the company’s stock after acquiring an additional 117,500 shares during the quarter. Fifth Lane Capital LP owned 0.31% of Adagene worth $274,000 as of its most recent SEC filing. 9.51% of the stock is currently owned by institutional investors and hedge funds.

Adagene Company Profile

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.