Adagene (NASDAQ:ADAG) Shares Down 1.1% – Here’s What Happened

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) fell 1.1% during mid-day trading on Thursday. The stock traded as low as $2.71 and last traded at $2.78. 240,466 shares traded hands during trading, a decline of 16% from the average session volume of 287,214 shares. The stock had previously closed at $2.81.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Chardan Capital initiated coverage on shares of Adagene in a report on Thursday, September 10th. They issued a “buy” rating and a $9.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Friday, July 17th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Adagene in a report on Monday, September 14th. Finally, Guggenheim reissued a “buy” rating and set a $10.00 price objective on shares of Adagene in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Adagene has an average rating of “Moderate Buy” and an average target price of $8.67.

Adagene Stock Down 1.1%

The business has a fifty day moving average of $3.50 and a 200-day moving average of $3.69.

Insider Buying and Selling

In other Adagene news, CEO Peter Luo purchased 22,966 shares of Adagene stock in a transaction dated Tuesday, August 4th. The stock was acquired at an average price of $3.65 per share, for a total transaction of $83,825.90. Following the acquisition, the chief executive officer owned 67,966 shares in the company, valued at $248,075.90. This trade represents a 51.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have bought 47,535 shares of company stock worth $162,258. Company insiders own 21.20% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Adagene stock. Renaissance Technologies LLC bought a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned approximately 0.07% of Adagene as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 9.51% of the company’s stock.

About Adagene

Adagene Inc is a biotechnology company focused on discovering and developing novel antibody-based cancer immunotherapies. The company combines computational methods, antibody engineering and translational research to create medicines designed to address limitations associated with conventional immuno-oncology treatments.

Adagene’s technology platform includes NEObody, which is intended to identify antibodies with differentiated binding characteristics, and SAFEbody, a masking technology designed to conditionally activate antibodies in the tumor microenvironment.