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

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating restated by Chardan Capital in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $9.00 price target on the stock. Chardan Capital‘s target price indicates a potential upside of 248.84% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus set a $7.00 price objective on Adagene in a research note on Monday, October 19th. Guggenheim reaffirmed a “buy” rating and set a $10.00 target price on shares of Adagene in a report on Tuesday, July 14th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Adagene in a research report on Monday, October 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a research report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.25.

Adagene Stock Up 3.6%

ADAG opened at $2.58 on Wednesday. Adagene has a one year low of $1.30 and a one year high of $4.85. The stock’s 50 day moving average price is $3.14 and its 200-day moving average price is $3.39.

Insiders Place Their Bets

In related news, CEO Peter Luo acquired 20,290 shares of the firm’s stock in a transaction on Wednesday, September 16th. The stock was bought at an average cost of $3.15 per share, with a total value of $63,913.50. Following the transaction, the chief executive officer owned 88,535 shares of the company’s stock, valued at $278,885.25. The trade was a 29.73% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have acquired 47,535 shares of company stock worth $162,258. 21.20% of the stock is owned by corporate insiders.

Institutional Trading of Adagene

A hedge fund recently bought a new stake in Adagene stock. Renaissance Technologies LLC bought 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 SEC. The fund bought 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 SEC. Hedge funds and other institutional investors 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.