Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Stock Has Average Price Target of $8.25

Key Points

• Analysts have a “Moderate Buy” consensus on Adagene, with three buy ratings, one strong-buy rating, and one sell rating. The average 12-month price target is $8.25, with individual targets ranging from $7 to $10.
• CEO Peter Luo increased his holdings by purchasing 20,290 shares at $3.15 each, while insiders bought 24,569 shares over the prior 90 days. Corporate insiders own 21.20% of the company.
• Adagene shares opened at $2.29, below their 50-day and 200-day moving averages of $3.02 and $3.41, respectively. The clinical-stage biotechnology company develops antibody-based cancer immunotherapies using its SAFEbody technology.

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) have received an average recommendation of "Moderate Buy" from the five analysts that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $8.25.

ADAG has been the topic of several research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Adagene in a research report on Thursday, October 15th. Guggenheim reaffirmed a "buy" rating and set a $10.00 price objective on shares of Adagene in a report on Tuesday, July 14th. Chardan Capital reiterated a "buy" rating and issued a $9.00 target price on shares of Adagene in a research report on Wednesday, October 28th. Stifel Nicolaus set a $7.00 target price on Adagene in a research note on Monday, October 19th. Finally, HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Adagene in a research report on Monday, October 19th.

Insider Activity at Adagene

In other news, CEO Peter Luo acquired 20,290 shares of Adagene stock in a transaction dated Wednesday, September 16th. The shares were purchased at an average cost of $3.15 per share, for a total transaction of $63,913.50. Following the transaction, the chief executive officer owned 88,535 shares of the company's stock, valued at $278,885.25. This trade represents a 29.73% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders bought 24,569 shares of company stock worth $78,432. 21.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Adagene

An institutional investor recently bought a new position in Adagene stock. Renaissance Technologies LLC bought a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 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. 9.51% of the stock is owned by hedge funds and other institutional investors.

Adagene Stock Down 8.8%

Adagene stock opened at $2.29 on Tuesday. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.85. The firm's fifty day moving average price is $3.02 and its 200-day moving average price is $3.41.

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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