Exome Asset Management LLC Decreases Holdings in Adagene Inc. Sponsored ADR $ADAG

Key Points

• Exome Asset Management cut its Adagene stake by 30.5% in the first quarter, selling 323,376 shares and retaining 736,845 shares valued at approximately $2.9 million, or 1.55% of the company.
• Institutional ownership of Adagene stands at 9.51%, with several investors initiating positions and Fifth Lane Capital increasing its stake by 427.3%.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and an $8.00 consensus price target, while ADAG recently opened at $3.53 within a 52-week range of $1.30 to $4.85.

Exome Asset Management LLC trimmed its holdings in Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) by 30.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 736,845 shares of the company's stock after selling 323,376 shares during the quarter. Adagene accounts for about 1.5% of Exome Asset Management LLC's holdings, making the stock its 26th biggest holding. Exome Asset Management LLC owned approximately 1.55% of Adagene worth $2,888,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Marex Group plc bought a new position in shares of Adagene during the 2nd quarter valued at $47,000. Citadel Advisors LLC purchased a new position in Adagene in the 3rd quarter worth $80,000. SmartHarvest Portfolios LLC bought a new stake in Adagene in the fourth quarter worth $73,000. Fifth Lane Capital LP lifted its stake in Adagene by 427.3% in the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company's stock worth $274,000 after purchasing an additional 117,500 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Adagene during the first quarter valued at about $135,000. Hedge funds and other institutional investors own 9.51% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ADAG shares. Guggenheim reaffirmed a "buy" rating and set a $10.00 price objective on shares of Adagene in a research note on Tuesday, July 14th. Weiss Ratings reissued a "sell (d-)" rating on shares of Adagene in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Adagene currently has an average rating of "Buy" and a consensus price target of $8.00.

Adagene Price Performance

Shares of NASDAQ ADAG opened at $3.53 on Tuesday. The firm's fifty day moving average is $3.76 and its 200 day moving average is $3.42. Adagene Inc. Sponsored ADR has a 52 week low of $1.30 and a 52 week high of $4.85. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.03.

Adagene Company Profile

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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