Adagene (NASDAQ:ADAG) Issues Earnings Results

Adagene (NASDAQ:ADAG) issued its earnings results on Wednesday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.24, FiscalAI reports. The company had revenue of $3.84 million during the quarter, compared to analysts’ expectations of $17.50 million.

Adagene Price Performance

Shares of NASDAQ:ADAG opened at $3.99 on Friday. Adagene has a 12-month low of $1.30 and a 12-month high of $4.72. The business has a 50-day moving average price of $3.27 and a 200 day moving average price of $2.35.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ADAG. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research report on Wednesday, January 21st. Wall Street Zen upgraded shares of Adagene to a “hold” rating in a research report on Saturday, March 21st. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Adagene has an average rating of “Buy” and a consensus target price of $7.67.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Marex Group plc purchased a new stake in shares of Adagene in the 2nd quarter valued at approximately $47,000. SmartHarvest Portfolios LLC purchased a new position in shares of Adagene during the 4th quarter worth approximately $73,000. Citadel Advisors LLC acquired a new stake in Adagene in the 3rd quarter valued at approximately $80,000. Finally, Exome Asset Management LLC purchased a new stake in Adagene in the fourth quarter valued at approximately $2,004,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Company Profile

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.