Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Receives $7.00 Average Target Price from Analysts

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) have been assigned an average rating of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $7.00.

ADAG has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a report on Wednesday, October 8th. Lifesci Capital raised Adagene to a “strong-buy” rating in a research note on Friday. Leerink Partners initiated coverage on Adagene in a research note on Wednesday, August 6th. They set an “outperform” rating and a $7.00 target price on the stock. HC Wainwright dropped their target price on Adagene from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, August 15th. Finally, Leerink Partnrs raised shares of Adagene to a “strong-buy” rating in a research report on Wednesday, August 6th.

Institutional Investors Weigh In On Adagene

A number of institutional investors have recently modified their holdings of the stock. Gordian Capital Singapore Pte Ltd grew its holdings in shares of Adagene by 101.4% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock valued at $96,000 after acquiring an additional 24,342 shares in the last quarter. Citadel Advisors LLC acquired a new stake in Adagene during the third quarter valued at $80,000. Finally, Marex Group plc acquired a new stake in Adagene during the second quarter valued at $47,000. Institutional investors and hedge funds own 9.51% of the company’s stock.

Adagene Stock Performance

Shares of NASDAQ:ADAG opened at $1.82 on Friday. The firm has a 50 day simple moving average of $1.91 and a 200 day simple moving average of $1.93. Adagene has a 52 week low of $1.30 and a 52 week high of $3.16.

Adagene Company Profile

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.