HC Wainwright Has Lowered Expectations for Adagene (NASDAQ:ADAG) Stock Price

Key Points

• HC Wainwright has lowered its price target for Adagene (NASDAQ:ADAG) stock from $8.00 to $7.00 while maintaining a "buy" rating, indicating a potential upside of 248.26% based on current prices.
• Despite the downgrade, Adagene's shares saw a significant increase of 21.8%, opening at $2.01, with the company maintaining strong liquidity ratios.
• Several hedge funds have recently acquired stakes in Adagene, with institutional investors now owning 9.51% of the company's stock.

Adagene (NASDAQ:ADAG - Get Free Report) had its target price dropped by investment analysts at HC Wainwright from $8.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's target price points to a potential upside of 257.14% from the company's current price.

A number of other brokerages have also commented on ADAG. Leerink Partners assumed coverage on Adagene in a report on Wednesday, August 6th. They set an "outperform" rating and a $7.00 price target on the stock. Leerink Partnrs raised Adagene to a "strong-buy" rating in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $7.00.

Adagene Price Performance

Shares of ADAG remained flat at $1.96 during trading hours on Friday. The stock had a trading volume of 99,075 shares, compared to its average volume of 67,047. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.30 and a current ratio of 2.29. Adagene has a 52 week low of $1.3250 and a 52 week high of $3.5807. The stock has a fifty day simple moving average of $1.94 and a two-hundred day simple moving average of $1.81.

Institutional Investors Weigh In On Adagene

Several hedge funds have recently bought and sold shares of ADAG. Kamunting Street Capital Management L.P. purchased a new stake in Adagene in the 4th quarter worth about $251,000. Fifth Lane Capital LP acquired a new position in shares of Adagene during the 4th quarter valued at about $54,000. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Adagene during the 1st quarter valued at about $29,000. Finally, Marex Group plc acquired a new stake in Adagene in the 2nd quarter valued at approximately $47,000. 9.51% of the stock is owned by hedge funds and other institutional investors.

Adagene Company Profile

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.