Adagene (NASDAQ:ADAG) Shares Down 1.1% - Here's What Happened

Key Points

• Adagene shares fell 1.1% to $2.78 in mid-day trading, below the company’s 50-day moving average of $3.50 and 200-day average of $3.69.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $8.67, despite one sell rating.
• Insiders purchased 47,535 shares over the past quarter, while Renaissance Technologies initiated a position of 34,533 shares; insiders own 21.2% of the company and institutions own 9.51%.

Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Get Free Report) fell 1.1% during mid-day trading on Thursday. The stock traded as low as $2.71 and last traded at $2.78. 240,466 shares traded hands during trading, a decline of 16% from the average session volume of 287,214 shares. The stock had previously closed at $2.81.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Chardan Capital initiated coverage on shares of Adagene in a report on Thursday, September 10th. They issued a "buy" rating and a $9.00 target price for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Adagene in a research note on Friday, July 17th. HC Wainwright reissued a "buy" rating and issued a $7.00 target price on shares of Adagene in a report on Monday, September 14th. Finally, Guggenheim reissued a "buy" rating and set a $10.00 price objective on shares of Adagene in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Adagene has an average rating of "Moderate Buy" and an average target price of $8.67.

Adagene Stock Down 1.1%

The business has a fifty day moving average of $3.50 and a 200-day moving average of $3.69.

Insider Buying and Selling

In other Adagene news, CEO Peter Luo purchased 22,966 shares of Adagene stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average price of $3.65 per share, for a total transaction of $83,825.90. Following the acquisition, the chief executive officer owned 67,966 shares in the company, valued at $248,075.90. This trade represents a 51.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 47,535 shares of company stock worth $162,258. Company 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 bought a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,533 shares of the company's stock, valued at approximately $135,000. Renaissance Technologies LLC owned approximately 0.07% of Adagene as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 9.51% of the company's stock.

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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