Adagene (NASDAQ:ADAG) Trading Up 24.8% - Should You Buy?

Key Points

• Adagene Inc. shares surged by 24.8% to a high of $2.60, with trading volume increasing by 149% compared to the average daily volume.
• Equities research analysts at Leerink Partners upgraded Adagene to a "strong-buy" rating and set a price target of $7.00 for the stock.
• Institutional investors now hold approximately 9.51% of Adagene's stock, with several funds acquiring new positions recently.

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) were up 24.8% during trading on Wednesday . The stock traded as high as $2.60 and last traded at $2.37. Approximately 219,073 shares traded hands during mid-day trading, an increase of 149% from the average daily volume of 87,944 shares. The stock had previously closed at $1.90.

Analysts Set New Price Targets

Several analysts have recently commented on ADAG shares. Leerink Partners initiated coverage on shares of Adagene in a research report on Wednesday, August 6th. They issued an "outperform" rating and a $7.00 price target on the stock. Leerink Partnrs raised shares of Adagene to a "strong-buy" rating in a research note on Wednesday, August 6th.

Adagene Stock Performance

The business's 50-day simple moving average is $1.95 and its 200 day simple moving average is $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.

Hedge Funds Weigh In On Adagene

Hedge funds have recently made changes to their positions in the business. Gordian Capital Singapore Pte Ltd purchased a new position in Adagene during the first quarter valued at approximately $29,000. Fifth Lane Capital LP purchased a new position in Adagene during the fourth quarter valued at approximately $54,000. Finally, Kamunting Street Capital Management L.P. purchased a new position in Adagene during the fourth quarter valued at approximately $251,000. Institutional investors and hedge funds own 9.51% of the company's stock.

Adagene Company Profile

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.