Adagene (NASDAQ:ADAG) Raised to Hold at Wall Street Zen

Adagene (NASDAQ:ADAG) was upgraded by research analysts at Wall Street Zen to a “hold” rating in a research report issued on Saturday.

Several other research analysts have also recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research report on Wednesday, January 21st. Guggenheim initiated coverage on Adagene in a research note on Monday, November 24th. They set a “buy” rating and a $9.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $7.67.

Adagene Stock Performance

Shares of NASDAQ ADAG opened at $3.63 on Friday. The business has a 50-day moving average of $2.88 and a 200-day moving average of $2.25. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.58.

Institutional Trading of Adagene

Institutional investors and hedge funds have recently bought and sold shares of the business. Exome Asset Management LLC bought a new stake in Adagene in the 4th quarter valued at $2,004,000. Fifth Lane Capital LP boosted its position in Adagene by 427.3% during the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock worth $274,000 after purchasing an additional 117,500 shares during the period. Citadel Advisors LLC bought a new position in Adagene during the third quarter worth $80,000. SmartHarvest Portfolios LLC acquired a new position in shares of Adagene in the fourth quarter valued at $73,000. Finally, Gordian Capital Singapore Pte Ltd raised its position in shares of Adagene by 101.4% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock valued at $96,000 after purchasing an additional 24,342 shares during the period. Institutional investors own 9.51% of the company’s stock.

About Adagene

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.