Chardan Capital Begins Coverage on Adagene (NASDAQ:ADAG)

Key Points

• Chardan Capital initiated coverage of Adagene with a “buy” rating and a $9.00 price target, implying 175.23% potential upside from the prior close.
• Analyst sentiment is mixed but leans positive: Adagene has an overall “Moderate Buy” consensus rating and an average target price of $9.50, alongside one “sell” rating.
• Adagene CEO Peter Luo increased his holdings by purchasing 22,966 shares, while insiders own 21.20% of the company; institutional investors and hedge funds own 9.51%.

Analysts at Chardan Capital assumed coverage on shares of Adagene (NASDAQ:ADAG - Get Free Report) in a report issued on Thursday, Benzinga reports. The brokerage set a "buy" rating and a $9.00 price target on the stock. Chardan Capital's price objective indicates a potential upside of 175.23% from the company's previous close.

A number of other equities research analysts have also issued reports on ADAG. Weiss Ratings reissued a "sell (d-)" rating on shares of Adagene in a report on Friday, July 17th. Guggenheim reiterated a "buy" rating and issued 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, two have assigned a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $9.50.

Adagene Price Performance

Shares of NASDAQ ADAG opened at $3.27 on Thursday. The firm has a 50-day simple moving average of $3.78 and a 200-day simple moving average of $3.72. The company has a current ratio of 5.02, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. Adagene has a 52 week low of $1.30 and a 52 week high of $4.85.

Insider Activity

In other Adagene news, CEO Peter Luo purchased 22,966 shares of the business'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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders acquired 25,245 shares of company stock valued at $92,344. 21.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adagene

Hedge funds have recently bought and sold shares of the stock. Marex Group plc purchased a new stake in Adagene during the 2nd quarter worth about $47,000. Renaissance Technologies LLC purchased a new position in shares of Adagene in the 1st quarter valued at about $135,000. SmartHarvest Portfolios LLC purchased a new stake in Adagene during the fourth quarter worth approximately $73,000. Citadel Advisors LLC purchased a new stake in Adagene during the third quarter worth approximately $80,000. Finally, Fifth Lane Capital LP boosted its holdings in Adagene by 427.3% in the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company's stock valued at $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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