Adagene (NASDAQ:ADAG) CEO Peter Luo Acquires 22,966 Shares of Stock

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) CEO Peter Luo acquired 22,966 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were bought at an average price of $3.65 per share, for a total transaction of $83,825.90. Following the completion of the acquisition, the chief executive officer owned 67,966 shares of the company’s stock, valued at $248,075.90. This trade represents a 51.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Peter Luo also recently made the following trade(s):

• On Wednesday, August 5th, Peter Luo acquired 279 shares of Adagene stock. The stock was bought at an average cost of $3.65 per share, for a total transaction of $1,018.35.

Adagene Stock Performance

ADAG opened at $4.14 on Friday. The business’s 50-day moving average price is $3.78 and its two-hundred day moving average price is $3.54. Adagene Inc. Sponsored ADR has a 1 year low of $1.30 and a 1 year high of $4.85. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.07 and a quick ratio of 3.07.

Hedge Funds Weigh In On Adagene

Several institutional investors and hedge funds have recently modified their holdings of ADAG. Renaissance Technologies LLC acquired a new position in shares of Adagene during the 1st quarter worth $135,000. Fifth Lane Capital LP boosted 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 worth $274,000 after buying an additional 117,500 shares during the period. Exome Asset Management LLC acquired a new stake in Adagene during the 4th quarter worth approximately $2,004,000. SmartHarvest Portfolios LLC bought a new stake in Adagene during the 4th quarter worth approximately $73,000. Finally, Citadel Advisors LLC acquired a new position in Adagene in the 3rd quarter valued at approximately $80,000. 9.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADAG has been the subject of a number of recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a research report on Friday, July 17th. Guggenheim reiterated a “buy” rating and issued a $10.00 price objective on shares of Adagene in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.50.

About Adagene

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.