Adagene (NASDAQ:ADAG) Upgraded at Leerink Partnrs

Key Points

• Adagene (NASDAQ:ADAG) has been upgraded to a "strong-buy" rating by Leerink Partners, with a new price target of $7.00.
• The company's shares rose 24.8%, opening at $2.37 with a 50-day moving average of $1.94.
• Institutional investors hold 9.51% of Adagene's stock, with recent investments including a new stake from Gordian Capital Singapore Pte Ltd worth approximately $29,000.

Adagene (NASDAQ:ADAG - Get Free Report) was upgraded by investment analysts at Leerink Partnrs to a "strong-buy" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Separately, Leerink Partners started coverage on Adagene in a research note on Wednesday. They issued an "outperform" rating and a $7.00 price target for the company.

Adagene Trading Up 24.8%

Shares of ADAG stock opened at $2.37 on Wednesday. The stock has a 50-day moving average of $1.94 and a 200-day moving average of $1.81. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.30 and a quick ratio of 2.30. Adagene has a 1-year low of $1.33 and a 1-year high of $3.58.

Institutional Investors Weigh In On Adagene

Several large investors have recently added to or reduced their stakes in ADAG. Gordian Capital Singapore Pte Ltd acquired a new stake in Adagene during the first quarter worth approximately $29,000. Fifth Lane Capital LP acquired a new stake in Adagene during the fourth quarter worth approximately $54,000. Finally, Kamunting Street Capital Management L.P. acquired a new stake in Adagene during the fourth quarter worth 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.

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