Adagene (NASDAQ:ADAG) Stock Keeps “Buy” Rating at Chardan Capital

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reaffirmed by research analysts at Chardan Capital in a research note issued on Wednesday, Benzinga reports. They currently have a $9.00 price target on the stock. Chardan Capital‘s price target suggests a potential upside of 248.84% from the stock’s previous close.

Several other brokerages also recently issued reports on ADAG. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Thursday, October 15th. Guggenheim reaffirmed a “buy” rating and issued a $10.00 target price on shares of Adagene in a research report on Tuesday, July 14th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Adagene in a research report on Monday, October 19th. Finally, Stifel Nicolaus set a $7.00 price target on shares of Adagene in a research note on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $8.25.

Adagene Stock Up 3.6%

Shares of NASDAQ:ADAG opened at $2.58 on Wednesday. The company has a 50 day moving average of $3.14 and a 200-day moving average of $3.39. Adagene has a twelve month low of $1.30 and a twelve month high of $4.85.

Insiders Place Their Bets

In other news, CEO Peter Luo acquired 22,966 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was purchased at an average cost of $3.65 per share, with a total value of $83,825.90. Following the acquisition, the chief executive officer owned 67,966 shares of the company’s stock, valued at $248,075.90. This trade represents a 51.04% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have purchased 47,535 shares of company stock valued at $162,258. Insiders own 21.20% of the company’s stock.

Institutional Trading of 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 first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 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 filing with the Securities & Exchange Commission. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

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.