Fifth Lane Capital LP Buys New Holdings in Adagene Inc. (NASDAQ:ADAG)

Fifth Lane Capital LP purchased a new position in Adagene Inc. (NASDAQ:ADAG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,500 shares of the company’s stock, valued at approximately $54,000. Adagene makes up approximately 0.2% of Fifth Lane Capital LP’s portfolio, making the stock its 24th largest position. Fifth Lane Capital LP owned 0.06% of Adagene as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADAG. Kamunting Street Capital Management L.P. acquired a new stake in Adagene in the 4th quarter valued at $251,000. General Atlantic L.P. grew its holdings in shares of Adagene by 1,349.2% during the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock valued at $7,614,000 after buying an additional 3,561,952 shares during the last quarter. Mill Creek Capital Advisors LLC grew its holdings in shares of Adagene by 119.6% during the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock valued at $397,000 after buying an additional 108,702 shares during the last quarter. Catalina Capital Group LLC raised its holdings in shares of Adagene by 129.2% in the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock worth $58,000 after acquiring an additional 16,461 shares during the last quarter. Finally, Exome Asset Management LLC lifted its position in Adagene by 74.1% in the 3rd quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock valued at $583,000 after acquiring an additional 111,749 shares in the last quarter. Institutional investors and hedge funds own 9.51% of the company’s stock.

Adagene Stock Up 7.8 %

Shares of ADAG stock opened at $1.52 on Thursday. Adagene Inc. has a 52-week low of $1.33 and a 52-week high of $3.58. The company has a 50-day simple moving average of $1.70 and a two-hundred day simple moving average of $2.02.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Morgan Stanley lowered Adagene from an “overweight” rating to an “equal weight” rating in a report on Friday, January 31st. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Adagene in a research report on Thursday, April 3rd.

Adagene 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.