Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Stock Has Consensus Target Price of $8.67

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) has been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $8.25.

Several research firms have recently commented on ADAG. Chardan Capital initiated coverage on Adagene in a report on Thursday, September 10th. They issued a “buy” rating and a $9.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Thursday, October 15th. Stifel Nicolaus set a $7.00 price objective on Adagene in a report on Monday, October 19th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Adagene in a report on Monday, October 19th. Finally, Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Adagene in a report on Tuesday, July 14th.

Adagene Trading Up 1.0%

Shares of NASDAQ ADAG traded up $0.03 during trading hours on Friday, hitting $2.52. The company had a trading volume of 11,530 shares, compared to its average volume of 246,382. Adagene has a 1-year low of $1.30 and a 1-year high of $4.85. The firm’s 50 day moving average is $3.16 and its 200-day moving average is $3.38.

Insider Activity at Adagene

In other news, CEO Peter Luo purchased 22,966 shares of the company’s stock in a transaction dated Tuesday, August 4th. The shares were purchased at an average price of $3.65 per share, with a total value of $83,825.90. Following the transaction, the chief executive officer directly owned 67,966 shares of the company’s stock, valued at approximately $248,075.90. This represents a 51.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders acquired 47,535 shares of company stock worth $162,258. 21.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adagene stock. Renaissance Technologies LLC bought a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned 0.07% of Adagene as of its most recent SEC filing. Institutional investors own 9.51% of the company’s stock.

About Adagene

Adagene Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based cancer immunotherapies. The company uses computational technologies and antibody-engineering capabilities to discover and develop therapies designed to activate the immune system against tumors while limiting activity in healthy tissues.

Adagene’s proprietary SAFEbody technology is designed to conditionally mask antibody binding sites so that therapies are preferentially activated in the tumor microenvironment.