Guggenheim Issues Positive Forecast for Adagene (NASDAQ:ADAG) Stock Price

Adagene (NASDAQ:ADAG) had its price objective raised by Guggenheim from $9.00 to $10.00 in a research note published on Monday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

ADAG has been the subject of a number of other reports. Wall Street Zen raised shares of Adagene to a “hold” rating in a report on Saturday, March 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $8.00.

Adagene Price Performance

ADAG stock opened at $4.32 on Monday. The firm has a fifty day moving average price of $3.34 and a 200 day moving average price of $2.39. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.72.

Adagene (NASDAQ:ADAG) last posted its earnings results on Wednesday, April 1st. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.24. The business had revenue of $3.84 million during the quarter, compared to analysts’ expectations of $17.50 million. As a group, research analysts forecast that Adagene will post -0.6 earnings per share for the current year.

Institutional Trading of Adagene

Several institutional investors and hedge funds have recently made changes to their positions in the business. Fifth Lane Capital LP lifted its position in shares of 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 last quarter. Exome Asset Management LLC bought a new stake in shares of Adagene during the fourth quarter worth $2,004,000. SmartHarvest Portfolios LLC bought a new stake in shares of Adagene during the fourth quarter worth $73,000. Citadel Advisors LLC bought a new stake in shares of Adagene during the third quarter worth $80,000. Finally, Gordian Capital Singapore Pte Ltd lifted its position in shares of Adagene by 101.4% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after purchasing an additional 24,342 shares during the last quarter. 9.51% of the stock is currently owned by 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.