Adagene (NASDAQ:ADAG) Receives Buy Rating from HC Wainwright

Key Points

• HC Wainwright reiterated a “Buy” rating on Adagene and set a $7.00 price target, implying 105.88% upside from the previous close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $8.67, despite one analyst maintaining a sell rating.
• Adagene’s CEO purchased 22,966 shares worth approximately $83,826, while several hedge funds and institutional investors have recently initiated or increased positions.

Adagene (NASDAQ:ADAG - Get Free Report)'s stock had its "buy" rating restated by equities researchers at HC Wainwright in a research report issued on Monday, Benzinga reports. They presently have a $7.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 105.88% from the stock's previous close.

A number of other analysts also recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adagene in a research note on Friday, July 17th. Guggenheim reissued a "buy" rating and set a $10.00 price target on shares of Adagene in a research report on Tuesday, July 14th. Finally, Chardan Capital assumed coverage on shares of Adagene in a research report on Thursday. They set a "buy" rating and a $9.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.67.

Adagene Stock Performance

NASDAQ:ADAG opened at $3.40 on Monday. Adagene has a one year low of $1.30 and a one year high of $4.85. The company has a quick ratio of 3.07, a current ratio of 5.02 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average price of $3.74 and a 200 day moving average price of $3.73.

Insider Transactions at Adagene

In other news, CEO Peter Luo purchased 22,966 shares of the firm's stock in a transaction on Tuesday, August 4th. The shares were bought at an average cost of $3.65 per share, for a total transaction of $83,825.90. Following the completion of the purchase, the chief executive officer directly owned 67,966 shares of the company's stock, valued at approximately $248,075.90. This trade represents a 51.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders purchased a total of 25,245 shares of company stock valued at $92,344 over the last 90 days. 21.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Adagene

Several hedge funds have recently bought and sold shares of ADAG. Marex Group plc acquired a new position in shares of Adagene in the second quarter worth $47,000. Renaissance Technologies LLC acquired a new stake in shares of Adagene in the first quarter valued at $135,000. SmartHarvest Portfolios LLC purchased a new position in Adagene in the fourth quarter valued at $73,000. Citadel Advisors LLC purchased a new position in Adagene in the third quarter valued at $80,000. Finally, Fifth Lane Capital LP grew its stake in Adagene by 427.3% during the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company's stock worth $274,000 after purchasing an additional 117,500 shares in the last quarter. Institutional investors and hedge funds own 9.51% of the company's stock.

About Adagene

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene's pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene's research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.

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