Adagene (NASDAQ:ADAG) Shares Gap Down to $19.88

Adagene Inc. (NASDAQ:ADAG) shares gapped down prior to trading on Thursday . The stock had previously closed at $19.88, but opened at $19.07. Adagene shares last traded at $19.35, with a volume of 59 shares changing hands.

A number of research analysts have recently issued reports on ADAG shares. Morgan Stanley dropped their price target on shares of Adagene from $34.00 to $33.00 and set an “overweight” rating on the stock in a research note on Friday, July 16th. Zacks Investment Research cut Adagene from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, China Renaissance Securities initiated coverage on Adagene in a report on Friday, June 25th. They set a “buy” rating and a $40.57 price objective on the stock. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Adagene currently has an average rating of “Buy” and an average target price of $33.89.

The firm’s 50-day moving average is $14.25. The company has a market cap of $842.11 million and a P/E ratio of -7.30.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADAG. Strategic Vision Investment Ltd purchased a new stake in Adagene during the first quarter worth $8,230,000. Matthews International Capital Management LLC purchased a new stake in shares of Adagene in the 1st quarter worth about $15,051,000. JPMorgan Chase & Co. purchased a new stake in shares of Adagene in the 1st quarter worth about $617,000. Allianz Asset Management GmbH acquired a new stake in Adagene in the 1st quarter valued at about $7,871,000. Finally, Citigroup Inc. purchased a new position in Adagene during the 1st quarter valued at about $1,140,000. 14.76% of the stock is owned by hedge funds and other institutional investors.

Adagene Company Profile (NASDAQ:ADAG)

Adagene Inc, a clinical stage biopharmaceutical company, engages in the research, development, and production of monoclonal antibody drugs for cancers. Its lead product candidates 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 for cancer treatment; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase I clinical trial for the treatment of various tumors.

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