Adagene (NASDAQ:ADAG) Announces Quarterly Earnings Results

Adagene (NASDAQ:ADAG) released its quarterly earnings data on Wednesday. The company reported ($0.14) earnings per share for the quarter, FiscalAI reports. The business had revenue of $0.81 million for the quarter.

Adagene Price Performance

Shares of ADAG opened at $3.75 on Thursday. The stock has a 50 day moving average of $3.80 and a 200 day moving average of $3.60. Adagene has a 12 month low of $1.30 and a 12 month high of $4.85. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.03.

Insiders Place Their Bets

In other Adagene news, CEO Peter Luo acquired 22,966 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were acquired at an average price of $3.65 per share, with a total value of $83,825.90. Following the completion of the transaction, the chief executive officer owned 67,966 shares in the company, valued at approximately $248,075.90. This trade represents a 51.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 21.20% of the company’s stock.

Institutional Investors Weigh In On Adagene

A number of hedge funds have recently made changes to their positions in ADAG. Marex Group plc bought a new position in Adagene during the second quarter valued at about $47,000. Citadel Advisors LLC bought a new stake in Adagene in the third quarter worth about $80,000. SmartHarvest Portfolios LLC bought a new stake in Adagene in the fourth quarter worth about $73,000. Exome Asset Management LLC purchased a new position in Adagene in the fourth quarter valued at about $2,004,000. Finally, Fifth Lane Capital LP boosted its stake in Adagene by 427.3% in the fourth quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after acquiring an additional 117,500 shares during the last quarter. 9.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADAG. 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 set a $10.00 price target on shares of Adagene in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average 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.