Adagene Inc. Sponsored ADR (NASDAQ:ADAG – Get Free Report)’s share price fell 3.1% on Thursday . The company traded as low as $3.95 and last traded at $4.12. Approximately 313,618 shares changed hands during mid-day trading, an increase of 50% from the average daily volume of 208,829 shares. The stock had previously closed at $4.25.
Analysts Set New Price Targets
Several analysts have issued reports on ADAG shares. Guggenheim raised their price objective on shares of Adagene from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, April 6th. Wall Street Zen upgraded Adagene to a “hold” rating in a report on Saturday, March 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Adagene currently has a consensus rating of “Buy” and an average target price of $8.00.
Get Our Latest Stock Analysis on ADAG
Adagene Trading Down 3.1%
Adagene (NASDAQ:ADAG – Get Free Report) last announced its quarterly earnings data on Saturday, February 14th. The company reported ($0.04) earnings per share for the quarter. The company had revenue of $3.84 million for the quarter. As a group, equities research analysts anticipate that Adagene Inc. Sponsored ADR will post -0.49 earnings per share for the current year.
Institutional Trading of Adagene
Large investors have recently modified their holdings of the company. Exome Asset Management LLC bought a new position in Adagene in the fourth quarter worth approximately $2,004,000. Fifth Lane Capital LP raised its position in Adagene by 427.3% during the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after purchasing an additional 117,500 shares in the last quarter. Citadel Advisors LLC purchased a new stake in shares of Adagene in the 3rd quarter worth $80,000. SmartHarvest Portfolios LLC purchased a new stake in shares of Adagene in the 4th quarter worth $73,000. Finally, Renaissance Technologies LLC bought a new position in shares of Adagene during the 1st quarter worth $135,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.
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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