Adagene (NASDAQ:ADAG) Stock Falls 1.1% – Here’s Why

Adagene Inc. Sponsored ADR (NASDAQ:ADAG)’s share price was down 1.1% during trading on Thursday. The company traded as low as $2.71 and last traded at $2.78. 240,466 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 287,214 shares. The stock had previously closed at $2.81.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADAG. Guggenheim reiterated a “buy” rating and set a $10.00 price target on shares of Adagene in a research note on Tuesday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Friday, July 17th. Chardan Capital started coverage on Adagene in a research note on Thursday, September 10th. They set a “buy” rating and a $9.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Adagene in a research report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Adagene has an average rating of “Moderate Buy” and an average price target of $8.67.

Adagene Trading Down 1.1%

The firm’s 50-day moving average price is $3.50 and its two-hundred day moving average price is $3.69.

Insider Transactions at Adagene

In other Adagene news, CEO Peter Luo bought 20,290 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was bought at an average price of $3.15 per share, with a total value of $63,913.50. Following the completion of the purchase, the chief executive officer directly owned 88,535 shares in the company, valued at $278,885.25. The trade was a 29.73% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 47,535 shares of company stock worth $162,258 over the last ninety days. 21.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adagene

An institutional investor recently bought a new stake in Adagene stock. Renaissance Technologies LLC bought a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned approximately 0.07% of Adagene at the end of the most recent quarter. 9.51% of the stock is currently owned by institutional investors.

Adagene Company Profile

Adagene Inc is a biotechnology company focused on discovering and developing novel antibody-based cancer immunotherapies. The company combines computational methods, antibody engineering and translational research to create medicines designed to address limitations associated with conventional immuno-oncology treatments.

Adagene’s technology platform includes NEObody, which is intended to identify antibodies with differentiated binding characteristics, and SAFEbody, a masking technology designed to conditionally activate antibodies in the tumor microenvironment.