Adagene (NASDAQ:ADAG) Stock Rating Cut to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Adagene from “hold” to “sell.” Despite the cut, MarketBeat’s analyst consensus remains “Moderate Buy,” with an average price target of $8.25.
• ADAG opened at $2.00, within a 52-week range of $1.30 to $4.85; its 50-day and 200-day moving averages were $2.88 and $3.41, respectively.
• CEO Peter Luo bought 20,290 shares at an average price of $3.15 in September. Insiders own 21.20% of the company, while institutional investors own 9.51%.

Adagene (NASDAQ:ADAG - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

ADAG has been the topic of a number of other research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adagene in a research note on Thursday, October 15th. Chardan Capital reiterated a "buy" rating and issued a $9.00 price objective on shares of Adagene in a report on Wednesday, October 28th. Stifel Nicolaus set a $7.00 price target on Adagene in a report on Monday, October 19th. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of Adagene in a report on Monday, October 19th. Finally, Guggenheim reiterated a "buy" rating and set a $10.00 target price on shares of Adagene in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.25.

Adagene Price Performance

Shares of ADAG opened at $2.00 on Friday. Adagene has a 1-year low of $1.30 and a 1-year high of $4.85. The business's 50-day moving average price is $2.88 and its 200 day moving average price is $3.41.

Insider Activity at Adagene

In related news, CEO Peter Luo purchased 20,290 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The shares were bought at an average price of $3.15 per share, for a total transaction of $63,913.50. Following the acquisition, the chief executive officer owned 88,535 shares of the company's stock, valued at approximately $278,885.25. This represents a 29.73% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have acquired 24,290 shares of company stock worth $77,414. 21.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Renaissance Technologies LLC purchased a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 34,533 shares of the company's stock, valued at approximately $135,000. Renaissance Technologies LLC owned approximately 0.07% of Adagene at the end of the most recent reporting period. Institutional investors own 9.51% of the company's stock.

Adagene Company Profile

Adagene Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based cancer immunotherapies. The company uses computational technologies and antibody-engineering capabilities to discover and develop therapies designed to activate the immune system against tumors while limiting activity in healthy tissues.

Adagene's proprietary SAFEbody technology is designed to conditionally mask antibody binding sites so that therapies are preferentially activated in the tumor microenvironment.

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