Adagene (NASDAQ:ADAG) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Adagene (NASDAQ:ADAG) from a hold rating to a sell rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other research firms also recently weighed in on ADAG. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Adagene in a report on Monday, October 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a report on Thursday, October 15th. Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Adagene in a report on Tuesday, July 14th. Stifel Nicolaus set a $7.00 price objective on Adagene in a research note on Monday, October 19th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $9.00 target price on shares of Adagene in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Adagene presently has an average rating of “Moderate Buy” and an average price target of $8.25.

Adagene Trading Up 6.0%

NASDAQ ADAG opened at $2.12 on Friday. Adagene has a 12-month low of $1.44 and a 12-month high of $4.85. The company has a 50 day moving average price of $2.85 and a two-hundred day moving average price of $3.42.

Insider Transactions at Adagene

In other Adagene news, CEO Peter Luo acquired 20,290 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was purchased at an average price of $3.15 per share, for a total transaction of $63,913.50. Following the transaction, the chief executive officer owned 88,535 shares in the company, valued at $278,885.25. This trade represents a 29.73% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders acquired 24,290 shares of company stock valued at $77,414. Insiders own 21.20% of the company’s stock.

Institutional Trading of Adagene

An institutional investor recently bought a new stake in Adagene stock. Renaissance Technologies LLC purchased a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned approximately 0.07% of Adagene as of its most recent SEC filing. 9.51% of the stock is currently owned by institutional investors.

Adagene Company Profile

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.