HC Wainwright Increases Adagene (NASDAQ:ADAG) Price Target to $8.00

Adagene (NASDAQ:ADAG) had its price target lifted by HC Wainwright from $5.00 to $8.00 in a report issued on Monday,Benzinga reports. They currently have a buy rating on the stock. HC Wainwright also issued estimates for Adagene’s FY2024 earnings at ($0.64) EPS, FY2025 earnings at ($0.74) EPS, FY2026 earnings at ($0.77) EPS, FY2027 earnings at ($1.33) EPS, FY2028 earnings at ($1.26) EPS and FY2029 earnings at ($0.56) EPS.

Adagene Price Performance

Shares of ADAG opened at $1.85 on Monday. The stock’s fifty day moving average is $2.03 and its 200-day moving average is $2.39. Adagene has a one year low of $1.74 and a one year high of $3.89.

Hedge Funds Weigh In On Adagene

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Catalina Capital Group LLC raised its stake in shares of Adagene by 129.2% in the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock worth $58,000 after buying an additional 16,461 shares in the last quarter. Mill Creek Capital Advisors LLC acquired a new position in shares of Adagene in the 3rd quarter worth approximately $202,000. Finally, Exome Asset Management LLC boosted its holdings in Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock worth $583,000 after buying an additional 111,749 shares in the last quarter. 9.51% of the stock is owned by institutional investors.

About Adagene

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.