Adagene (NASDAQ:ADAG) CEO Peter Luo Acquires 22,966 Shares

Key Points

• CEO Peter Luo increased his Adagene holdings by 51.04%, purchasing 22,966 shares at an average of $3.65 for approximately $83,826. He also bought an additional 279 shares the following day.
• Adagene shares fell 2.1% to $4.14 during Thursday trading, while institutional investors held 9.51% of the company’s stock.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and an $8.50 price target; ratings include one Strong Buy, two Buys, and one Sell.

Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) CEO Peter Luo bought 22,966 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were acquired at an average price of $3.65 per share, with a total value of $83,825.90. Following the acquisition, the chief executive officer owned 67,966 shares of the company's stock, valued at $248,075.90. This represents a 51.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Peter Luo also recently made the following trade(s):

• On Wednesday, August 5th, Peter Luo purchased 279 shares of Adagene stock. The stock was bought at an average price of $3.65 per share, for a total transaction of $1,018.35.

Adagene Trading Down 2.1%

Adagene stock traded down $0.09 during mid-day trading on Thursday, reaching $4.14. 299,471 shares of the company traded hands, compared to its average volume of 231,040. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.03. The firm's 50 day moving average price is $3.78 and its 200 day moving average price is $3.53. Adagene Inc. Sponsored ADR has a 52-week low of $1.30 and a 52-week high of $4.85.

Institutional Investors Weigh In On Adagene

Several hedge funds have recently bought and sold shares of ADAG. Exome Asset Management LLC bought a new position in shares of Adagene during the fourth quarter valued at approximately $2,004,000. SmartHarvest Portfolios LLC bought a new stake in shares of Adagene in the 4th quarter worth approximately $73,000. Citadel Advisors LLC bought a new stake in shares of Adagene in the 3rd quarter worth approximately $80,000. Marex Group plc purchased a new stake in shares of Adagene in the 2nd quarter worth approximately $47,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Adagene in the 1st quarter worth approximately $135,000. Institutional investors own 9.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adagene in a research report on Friday, July 17th. Guggenheim restated a "buy" rating and issued a $10.00 price objective on shares of Adagene in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.50.

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.

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