Adagene (NASDAQ:ADAG – Get Free Report) released its quarterly earnings data on Wednesday. The company reported ($0.14) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $0.81 million for the quarter.
Adagene Trading Down 3.1%
Shares of ADAG traded down $0.12 during mid-day trading on Wednesday, hitting $3.77. The company’s stock had a trading volume of 197,761 shares, compared to its average volume of 233,612. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.07 and a quick ratio of 3.07. The company’s 50-day moving average is $3.80 and its 200-day moving average is $3.59. Adagene has a 52-week low of $1.30 and a 52-week high of $4.85.
Analyst Ratings Changes
Several analysts have recently weighed in on the stock. Guggenheim reaffirmed a “buy” rating and set a $10.00 price target on shares of Adagene in a research note on Tuesday, July 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Adagene presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.
Insider Transactions at Adagene
In other Adagene news, CEO Peter Luo acquired 22,966 shares of Adagene stock in a transaction that occurred on Tuesday, August 4th. The stock was bought at an average price of $3.65 per share, with a total value of $83,825.90. Following the completion of the purchase, the chief executive officer directly owned 67,966 shares of the company’s stock, valued at approximately $248,075.90. This represents a 51.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.20% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Marex Group plc purchased a new stake in shares of Adagene during the 2nd quarter worth $47,000. Citadel Advisors LLC purchased a new position in Adagene in the third quarter valued at about $80,000. SmartHarvest Portfolios LLC bought a new position in Adagene in the fourth quarter worth about $73,000. Exome Asset Management LLC bought a new position in Adagene in the fourth quarter worth about $2,004,000. Finally, Fifth Lane Capital LP lifted its position in shares of Adagene by 427.3% during the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after buying an additional 117,500 shares during the last quarter. 9.51% of the stock is currently owned by hedge funds and other institutional investors.
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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