Weiss Ratings Reaffirms “Sell (D-)” Rating for Adagene (NASDAQ:ADAG)

Adagene (NASDAQ:ADAG)‘s stock had its “sell (d-)” rating reaffirmed by analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Other equities research analysts have also recently issued research reports about the stock. HC Wainwright cut their price objective on shares of Adagene from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, August 15th. Leerink Partnrs raised shares of Adagene to a “strong-buy” rating in a research report on Wednesday, August 6th. Finally, Leerink Partners began coverage on shares of Adagene in a report on Wednesday, August 6th. They issued an “outperform” rating and a $7.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Adagene has an average rating of “Moderate Buy” and an average price target of $7.00.

Adagene Stock Down 0.3%

ADAG opened at $1.95 on Wednesday. Adagene has a twelve month low of $1.33 and a twelve month high of $3.16. The company has a 50-day simple moving average of $2.10 and a 200 day simple moving average of $1.87.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adagene stock. Marex Group plc acquired a new stake in Adagene Inc. Sponsored ADR (NASDAQ:ADAG) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 24,000 shares of the company’s stock, valued at approximately $47,000. Marex Group plc owned about 0.05% of Adagene at the end of the most recent reporting period. 9.51% of the stock is owned by institutional investors and hedge funds.

Adagene Company Profile

Adagene Inc, a clinical stage biotechnology company, engages in the research, development, and production of monoclonal antibody drugs for cancers. The company's product candidates include ADG106, a human ligand-blocking agonistic anti- CD137 IgG4 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a masked fully-human anti-CTLA-4 mAb that is in Phase 1 clinical trial for the treatment advanced/metastatic solid tumors; and ADG116, a human ligand-blocking anti-CTLA-4 mAb, which is in Phase 1b/2 clinical development for the treatment of advanced/metastatic solid tumors.