Adagene (NASDAQ:ADAG) Stock Keeps Buy Rating at HC Wainwright

Key Points

• HC Wainwright maintained its Buy rating on Adagene and set a $7.00 price target, implying potential upside of 239.81% from the stock’s $2.06 opening price.
• Analyst sentiment is mixed but generally positive: Adagene has a consensus rating of Moderate Buy and an average price target of $8.67, with ratings ranging from Strong Buy to Sell.
• Adagene insiders purchased 47,535 shares worth $162,258 in the last quarter, while Renaissance Technologies acquired a new 34,533-share position; insiders own 21.20% of the company and institutions own 9.51%.

Adagene (NASDAQ:ADAG - Get Free Report)'s stock had its "buy" rating restated by research analysts at HC Wainwright in a research report issued on Monday, Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 239.81% from the company's current price.

A number of other research analysts also recently commented on ADAG. Guggenheim restated a "buy" rating and issued a $10.00 target price on shares of Adagene in a research note on Tuesday, July 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adagene in a research note on Thursday. Finally, Chardan Capital started coverage on Adagene in a report on Thursday, September 10th. They set a "buy" rating and a $9.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Adagene presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.67.

Adagene Stock Performance

Shares of NASDAQ:ADAG opened at $2.06 on Monday. Adagene has a 1 year low of $1.30 and a 1 year high of $4.85. The business has a fifty day simple moving average of $3.33 and a 200 day simple moving average of $3.63.

Insider Buying and Selling at Adagene

In other Adagene news, CEO Peter Luo purchased 22,966 shares of the business's stock in a transaction dated Tuesday, August 4th. The shares were acquired at an average price of $3.65 per share, for a total transaction of $83,825.90. Following the acquisition, the chief executive officer owned 67,966 shares of the company's stock, valued at $248,075.90. This trade represents a 51.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have acquired 47,535 shares of company stock worth $162,258. 21.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adagene

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

About Adagene

Adagene Inc is a biotechnology company focused on discovering and developing novel antibody-based cancer immunotherapies. The company combines computational methods, antibody engineering and translational research to create medicines designed to address limitations associated with conventional immuno-oncology treatments.

Adagene's technology platform includes NEObody, which is intended to identify antibodies with differentiated binding characteristics, and SAFEbody, a masking technology designed to conditionally activate antibodies in the tumor microenvironment.