Adagene (NASDAQ:ADAG) Given New $7.00 Price Target at HC Wainwright

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 cut by equities research analysts at HC Wainwright from $8.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 233.33% from the company's current price.

Other equities analysts also recently issued research reports about the company. Leerink Partners began coverage on Adagene in a report on Wednesday, August 6th. They issued an "outperform" rating and a $7.00 price objective on the stock. Leerink Partnrs raised shares of Adagene to a "strong-buy" rating in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Adagene currently has an average rating of "Buy" and a consensus target price of $7.00.

Adagene Stock Performance

NASDAQ ADAG traded up $0.14 on Friday, reaching $2.10. The stock had a trading volume of 221,622 shares, compared to its average volume of 68,026. 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 1 year low of $1.3250 and a 1 year high of $3.5807. The business has a 50 day moving average price of $1.94 and a 200 day moving average price of $1.81.

Hedge Funds Weigh In On Adagene

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

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.