Leerink Partners Initiates Coverage on Adagene (NASDAQ:ADAG)

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.

Equities researchers at Leerink Partners started coverage on shares of Adagene (NASDAQ:ADAG - Get Free Report) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage set an "outperform" rating and a $7.00 price target on the stock. Leerink Partners' target price points to a potential upside of 222.58% from the stock's previous close.

Adagene Stock Down 0.5%

ADAG stock traded down $0.01 during trading on Wednesday, hitting $2.17. The company had a trading volume of 17,509 shares, compared to its average volume of 102,871. Adagene has a 1-year low of $1.33 and a 1-year high of $3.58. The firm has a 50-day moving average price of $1.95 and a 200-day moving average price of $1.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.30 and a current ratio of 2.30.

Institutional Trading of Adagene

A number of institutional investors have recently added to or reduced their stakes in ADAG. Kamunting Street Capital Management L.P. purchased a new position in shares of Adagene during the 4th quarter worth approximately $251,000. Fifth Lane Capital LP purchased a new position in Adagene during the fourth quarter worth $54,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Adagene in the first quarter worth $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.