Adagene (NASDAQ:ADAG) Coverage Initiated at Leerink Partners

Key Points

• Leerink Partners has initiated coverage of Adagene (NASDAQ: ADAG) with an "outperform" rating and a price target of $7.00, indicating a potential upside of 267.65% based on the stock's previous close.
• Adagene stock is currently trading at $1.90, with a one-year low of $1.33 and a high of $3.58, reflecting significant stock volatility.
• Institutional investors and hedge funds now hold approximately 9.51% of Adagene's stock, with several funds recently acquiring new stakes in the company.

Stock analysts at Leerink Partners initiated coverage on shares of Adagene (NASDAQ:ADAG - Get Free Report) in a report issued on Wednesday. The brokerage set an "outperform" rating and a $7.00 price target on the stock. Leerink Partners' price objective would suggest a potential upside of 267.65% from the company's previous close.

Adagene Stock Performance

Shares of Adagene stock opened at $1.90 on Wednesday. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average price of $1.93 and a 200-day moving average price of $1.80. Adagene has a one year low of $1.33 and a one year high of $3.58.

Hedge Funds Weigh In On Adagene

Institutional investors and hedge funds have recently modified their holdings of the stock. Kamunting Street Capital Management L.P. purchased a new position in shares of Adagene in the 4th quarter worth approximately $251,000. Fifth Lane Capital LP bought a new stake in shares of Adagene during the 4th quarter worth approximately $54,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in shares of Adagene during the 1st quarter worth approximately $29,000. Hedge funds and other 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.

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