Adagene (NASDAQ:ADAG) Trading 0.3% Higher - Here's Why

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) traded up 0.3% during trading on Monday . The company traded as high as $1.94 and last traded at $1.91. 6,981 shares traded hands during trading, a decline of 89% from the average session volume of 60,826 shares. The stock had previously closed at $1.90.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a "buy" rating and set a $8.00 price objective on shares of Adagene in a report on Thursday, April 3rd.

Adagene Stock Up 0.3%

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 business's 50-day simple moving average is $1.74 and its 200-day simple moving average is $1.82.

Hedge Funds Weigh In On Adagene

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. General Atlantic L.P. raised its position in Adagene by 1,349.2% during the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company's stock worth $7,614,000 after acquiring an additional 3,561,952 shares during the last quarter. Kamunting Street Capital Management L.P. acquired a new position in Adagene during the fourth quarter worth about $251,000. Fifth Lane Capital LP acquired a new position in Adagene during the fourth quarter worth about $54,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in Adagene during the first quarter worth about $29,000. 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.

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