Adagene (NASDAQ:ADAG) Shares Up 24.8% - Here's What Happened

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.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADAG. Leerink Partnrs raised Adagene to a "strong-buy" rating in a research report on Wednesday. Leerink Partners started coverage on Adagene in a research report on Wednesday. They issued an "outperform" rating and a $7.00 target price on the stock.

Adagene Stock Down 0.5%

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

Several hedge funds have recently added to or reduced their stakes in ADAG. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Adagene in the 1st quarter worth approximately $29,000. Fifth Lane Capital LP bought a new position in Adagene in the 4th quarter valued at $54,000. Finally, Kamunting Street Capital Management L.P. bought a new position in Adagene in the 4th quarter valued at $251,000. Institutional investors 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.