Adagene (NASDAQ:ADAG) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Adagene (NASDAQ:ADAG) from a sell rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

According to Zacks, “Adagene Inc. is a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Adagene Inc. is based in SAN FRANCISCO, Calif. “

A number of other equities research analysts have also issued reports on the company. Jefferies Financial Group assumed coverage on Adagene in a research report on Monday, March 8th. They set a buy rating and a $33.00 target price on the stock. Morgan Stanley started coverage on Adagene in a research report on Monday, March 8th. They set an overweight rating and a $34.00 price target on the stock. Finally, The Goldman Sachs Group started coverage on Adagene in a research report on Friday, March 5th. They set a buy rating and a $29.00 price target on the stock.

Shares of Adagene stock opened at $13.73 on Tuesday. The stock’s fifty day moving average is $13.93. The firm has a market capitalization of $597.50 million and a price-to-earnings ratio of -5.18. Adagene has a 12-month low of $11.11 and a 12-month high of $31.83.

A number of large investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. acquired a new position in Adagene during the first quarter valued at $189,000. Pinz Capital Management LP acquired a new position in Adagene in the 1st quarter worth about $299,000. Citadel Advisors LLC acquired a new position in Adagene in the 1st quarter worth about $402,000. JPMorgan Chase & Co. acquired a new position in Adagene in the 1st quarter worth about $617,000. Finally, Tudor Investment Corp Et Al acquired a new position in Adagene in the 1st quarter worth about $814,000. 14.76% of the stock is currently owned by hedge funds and other institutional investors.

About Adagene

Adagene Inc, a clinical stage biopharmaceutical company, engages in the research, development, and production of monoclonal antibody drugs for cancers. Its products include ADG106, a human ligand-blocking agonistic anti-CD137 monoclonal antibodies (mAbs) that is in Phase Ib clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a fully-human anti-CTLA-4 mAb that is in preclinical stage used in the treatment of cancers; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase I clinical trial for the treatment of metastatic solid tumors.

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