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

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reissued by equities research analysts at Chardan Capital in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $9.00 price objective on the stock. Chardan Capital‘s target price would suggest a potential upside of 235.57% from the stock’s previous close.

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

Adagene Stock Performance

ADAG stock traded up $0.10 during trading on Wednesday, hitting $2.68. The company had a trading volume of 47,892 shares, compared to its average volume of 246,209. The business has a 50 day moving average of $3.14 and a 200 day moving average of $3.39. Adagene has a fifty-two week low of $1.30 and a fifty-two week high of $4.85.

Insider Activity at Adagene

In other news, CEO Peter Luo bought 22,966 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was acquired at an average cost of $3.65 per share, for a total transaction of $83,825.90. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders acquired 47,535 shares of company stock valued at $162,258 in the last three months. Corporate insiders own 21.20% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adagene stock. Renaissance Technologies LLC purchased a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the 1st 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 about 0.07% of Adagene as of its most recent SEC filing. 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.