Adagene (NASDAQ:ADAG) Shares Down 2.1% - Should You Sell?

Shares of Adagene Inc. (NASDAQ:ADAG - Get Free Report) traded down 2.1% during trading on Thursday . The stock traded as low as $1.59 and last traded at $1.63. 20,013 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 56,282 shares. The stock had previously closed at $1.66.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADAG. HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of Adagene in a report on Thursday, April 3rd. Morgan Stanley cut Adagene from an "overweight" rating to an "equal weight" rating in a report on Friday, January 31st.

Adagene Price Performance

The business has a 50-day moving average of $1.59 and a 200 day moving average of $1.88.

Institutional Investors Weigh In On Adagene

Institutional investors and hedge funds have recently bought and sold shares of the stock. General Atlantic L.P. raised its position in Adagene by 1,349.2% in the 4th quarter. General Atlantic L.P. now owns 3,825,952 shares of the company's stock valued at $7,614,000 after buying an additional 3,561,952 shares during the last quarter. Kamunting Street Capital Management L.P. purchased a new stake in shares of Adagene during the 4th quarter valued at $251,000. Catalina Capital Group LLC increased its position in shares of Adagene by 129.2% during the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company's stock valued at $58,000 after purchasing an additional 16,461 shares during the last quarter. Mill Creek Capital Advisors LLC increased its position in shares of Adagene by 119.6% during the 4th quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company's stock valued at $397,000 after purchasing an additional 108,702 shares during the last quarter. Finally, Fifth Lane Capital LP purchased a new stake in shares of Adagene during the 4th quarter valued at $54,000. 9.51% of the stock is owned by hedge funds and other institutional investors.

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.