Adagene’s (ADAG) “Buy” Rating Reiterated at Chardan Capital

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reaffirmed by investment analysts at Chardan Capital in a report issued on Wednesday, Benzinga reports. They presently have a $9.00 price objective on the stock. Chardan Capital‘s price objective would suggest a potential upside of 232.72% from the company’s previous close.

A number of other analysts have also commented on ADAG. Stifel Nicolaus set a $7.00 price objective on Adagene in a research note on Monday, October 19th. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Adagene in a research report on Monday, October 19th. Guggenheim reiterated a “buy” rating and set a $10.00 target price on shares of Adagene in a research report on Tuesday, July 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.25.

Adagene Stock Up 4.8%

Shares of ADAG stock opened at $2.71 on Wednesday. The business’s fifty day moving average price is $3.14 and its 200 day moving average price is $3.39. Adagene has a 1-year low of $1.30 and a 1-year high of $4.85.

Insider Activity at Adagene

In other news, CEO Peter Luo bought 22,966 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were acquired at an average cost of $3.65 per share, for a total transaction of $83,825.90. Following the purchase, the chief executive officer owned 67,966 shares of the company’s stock, valued at $248,075.90. This represents a 51.04% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have acquired 47,535 shares of company stock worth $162,258. Corporate insiders own 21.20% of the company’s stock.

Hedge Funds Weigh In On Adagene

An institutional investor recently bought a new position in Adagene stock. Renaissance Technologies LLC purchased a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned 0.07% of Adagene at the end of the most recent reporting period. Institutional investors and hedge funds 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.