Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Stock Rated “Moderate Buy” by Sell-Side Analysts

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) have received an average rating of “Moderate Buy” from the five research firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $8.25.

A number of equities research analysts have commented on the company. Stifel Nicolaus set a $7.00 price objective on Adagene in a research note on Monday, October 19th. Wall Street Zen downgraded Adagene from a “hold” rating to a “sell” rating in a report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research report on Thursday, October 15th. Guggenheim reissued a “buy” rating and issued a $10.00 price target on shares of Adagene in a research report on Tuesday, July 14th. Finally, Chardan Capital restated a “buy” rating and set a $9.00 price objective on shares of Adagene in a research note on Wednesday, October 28th.

Insider Activity at Adagene

In other news, CEO Peter Luo bought 20,290 shares of the stock in a transaction dated Wednesday, September 16th. The stock was bought at an average price of $3.15 per share, for a total transaction of $63,913.50. Following the completion of the acquisition, the chief executive officer directly owned 88,535 shares in the company, valued at approximately $278,885.25. This trade represents a 29.73% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have bought a total of 24,290 shares of company stock valued at $77,414 in the last three months. Corporate insiders own 21.20% of the company’s stock.

Institutional Investors Weigh In On Adagene

A hedge fund recently bought a new position in Adagene stock. Renaissance Technologies LLC purchased a new stake in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned about 0.07% of Adagene as of its most recent SEC filing. Institutional investors own 9.51% of the company’s stock.

Adagene Price Performance

ADAG stock opened at $2.12 on Tuesday. The company’s 50-day moving average is $2.85 and its 200-day moving average is $3.42. Adagene has a 1 year low of $1.44 and a 1 year high of $4.85.

About Adagene

Adagene Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based cancer immunotherapies. The company uses computational technologies and antibody-engineering capabilities to discover and develop therapies designed to activate the immune system against tumors while limiting activity in healthy tissues.

Adagene’s proprietary SAFEbody technology is designed to conditionally mask antibody binding sites so that therapies are preferentially activated in the tumor microenvironment.