Weiss Ratings Reaffirms Sell (D-) Rating for Adagene (NASDAQ:ADAG)

Key Points

• Weiss Ratings has reaffirmed a "sell (D-)" rating for Adagene (NASDAQ: ADAG) in a recent research report.
• Adagene's stock price remained steady at $1.99 during trading, with a twelve-month low of $1.33 and a high of $3.16.
• Institutional ownership of Adagene stock stands at 9.51%, with recent purchases indicating ongoing interest from institutional investors.

Adagene (NASDAQ:ADAG - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also issued reports on ADAG. Leerink Partners assumed coverage on shares of Adagene in a report on Wednesday, August 6th. They set an "outperform" rating and a $7.00 price objective for the company. HC Wainwright cut their price objective on shares of Adagene from $8.00 to $7.00 and set a "buy" rating for the company in a report on Friday, August 15th. Finally, Leerink Partnrs raised shares of Adagene to a "strong-buy" rating in a report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Adagene currently has an average rating of "Moderate Buy" and an average price target of $7.00.

Adagene Price Performance

ADAG remained flat at $1.99 during trading on Wednesday. 613,359 shares of the company's stock were exchanged, compared to its average volume of 73,345. Adagene has a twelve month low of $1.33 and a twelve month high of $3.16. The business's 50-day simple moving average is $2.10 and its two-hundred day simple moving average is $1.87.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adagene stock. Gordian Capital Singapore Pte Ltd purchased a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,900 shares of the company's stock, valued at approximately $29,000. 9.51% of the stock is currently 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.

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