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

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued to investors on Thursday,Benzinga reports. They presently have a $8.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 406.14% from the company’s current price.

Separately, Morgan Stanley downgraded shares of Adagene from an “overweight” rating to an “equal weight” rating in a research note on Friday, January 31st.

Adagene Stock Down 3.6 %

NASDAQ ADAG opened at $1.58 on Thursday. The firm’s fifty day moving average price is $1.84 and its two-hundred day moving average price is $2.12. Adagene has a 1 year low of $1.33 and a 1 year high of $3.58.

Institutional Investors Weigh In On Adagene

A number of large investors have recently added to or reduced their stakes in ADAG. Catalina Capital Group LLC increased its holdings in shares of Adagene by 129.2% in the fourth quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock valued at $58,000 after purchasing an additional 16,461 shares during the last quarter. Fifth Lane Capital LP acquired a new position in Adagene in the 4th quarter valued at about $54,000. Mill Creek Capital Advisors LLC grew its stake in Adagene by 119.6% in the 4th quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock valued at $397,000 after buying an additional 108,702 shares during the last quarter. Exome Asset Management LLC raised its holdings in Adagene by 74.1% in the 3rd quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock valued at $583,000 after acquiring an additional 111,749 shares during the period. Finally, Kamunting Street Capital Management L.P. acquired a new stake in Adagene during the fourth quarter worth approximately $251,000. Institutional investors own 9.51% of the company’s stock.

About Adagene

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.