Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Stock Now Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analyst consensus is “Moderate Buy”: Five analysts cover Adagene, with three buy ratings, one strong-buy rating and one sell rating. The average 12-month price target is $8.67, versus a recent share price of $2.78.
• Shares have declined from recent averages: ADAG opened at $2.78, below its 50-day moving average of $3.50 and 200-day moving average of $3.69. The stock has traded between $1.30 and $4.85 over the past year.
• Insiders have been buying: CEO Peter Luo purchased 20,290 shares, and insiders bought 47,535 shares worth $162,258 over the last three months. Institutional investors own 9.51% of the company, including a new 34,533-share position established by Renaissance Technologies.

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the five analysts that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $8.67.

A number of research analysts have weighed in on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adagene in a research note on Friday, July 17th. Chardan Capital started coverage on shares of Adagene in a research report on Thursday, September 10th. They set a "buy" rating and a $9.00 target price for the company. Guggenheim restated a "buy" rating and issued a $10.00 target price on shares of Adagene in a report on Tuesday, July 14th. Finally, HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of Adagene in a report on Monday, September 14th.

Adagene Price Performance

NASDAQ ADAG opened at $2.78 on Friday. The company has a fifty day simple moving average of $3.50 and a 200 day simple moving average of $3.69. Adagene has a 12-month low of $1.30 and a 12-month high of $4.85.

Insider Buying and Selling

In related news, CEO Peter Luo acquired 20,290 shares of the firm's stock in a transaction on Wednesday, September 16th. The stock was purchased at an average cost of $3.15 per share, with a total value 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 trade represents a 29.73% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders purchased 47,535 shares of company stock worth $162,258. Insiders own 21.20% of the company's stock.

Institutional Inflows and Outflows

An institutional investor 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 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 quarter. 9.51% of the stock is currently owned by institutional investors and hedge funds.

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.

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