Adagene (NASDAQ:ADAG) Stock Price Down 1.1% – What’s Next?

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Adagene in a report on Monday, October 19th. Guggenheim reaffirmed a “buy” rating and set a $10.00 price target on shares of Adagene in a research report on Tuesday, July 14th. Chardan Capital started coverage on Adagene in a report on Thursday, September 10th. They set a “buy” rating and a $9.00 price target on the stock. Stifel Nicolaus set a $7.00 price target on shares of Adagene in a research report on Monday, October 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Adagene currently has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Adagene Stock Up 1.2%

The company’s 50 day simple moving average is $3.16 and its 200 day simple moving average is $3.38.

Insiders Place Their Bets

In related news, CEO Peter Luo purchased 20,290 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were bought at an average cost of $3.15 per share, with a total value of $63,913.50. Following the acquisition, the chief executive officer owned 88,535 shares of the company’s stock, 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 SEC, which is available through this hyperlink. In the last ninety days, insiders have bought 47,535 shares of company stock valued at $162,258. 21.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Renaissance Technologies LLC bought a new position in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) in the 1st quarter, according to the company in its most recent 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 reporting period. 9.51% of the stock is owned by institutional investors and hedge funds.

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.