Adagene (NASDAQ:ADAG) Raised to Hold at Wall Street Zen

Adagene (NASDAQ:ADAG) was upgraded by equities research analysts at Wall Street Zen to a “hold” rating in a research note issued on Saturday.

Several other research firms have also recently weighed in on ADAG. Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a report on Wednesday, January 21st. Guggenheim began coverage on Adagene in a report on Monday, November 24th. They issued a “buy” rating and a $9.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $7.67.

Adagene Stock Performance

Shares of NASDAQ:ADAG opened at $3.63 on Friday. Adagene has a 12-month low of $1.30 and a 12-month high of $4.58. The business has a 50 day moving average of $2.88 and a 200-day moving average of $2.25.

Hedge Funds Weigh In On Adagene

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fifth Lane Capital LP lifted its position in shares of Adagene by 427.3% during the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock valued at $274,000 after acquiring an additional 117,500 shares during the period. Exome Asset Management LLC bought a new position in shares of Adagene in the fourth quarter worth $2,004,000. SmartHarvest Portfolios LLC acquired a new position in Adagene in the fourth quarter valued at about $73,000. Citadel Advisors LLC acquired a new position in Adagene in the third quarter valued at about $80,000. Finally, Gordian Capital Singapore Pte Ltd lifted its position in Adagene by 101.4% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock worth $96,000 after purchasing an additional 24,342 shares during the period. 9.51% of the stock is owned by institutional investors and hedge funds.

About Adagene

Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.

At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.