Adagene Inc. Sponsored ADR (NASDAQ:ADAG) Given Average Recommendation of “Buy” by Brokerages

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) have received an average rating of “Buy” from the five brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $8.00.

ADAG has been the subject of a number of recent research reports. Guggenheim restated a “buy” rating and issued a $10.00 price objective on shares of Adagene in a report on Tuesday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a report on Friday, July 17th.

Adagene Stock Performance

Shares of NASDAQ:ADAG opened at $3.37 on Friday. The firm’s fifty day moving average is $3.77 and its 200-day moving average is $3.40. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.03. Adagene has a 52 week low of $1.30 and a 52 week high of $4.85.

Hedge Funds Weigh In On Adagene

A number of hedge funds have recently made changes to their positions in the stock. Marex Group plc acquired a new position in shares of Adagene in the second quarter worth approximately $47,000. SmartHarvest Portfolios LLC acquired a new stake in Adagene during the 4th quarter valued at approximately $73,000. Citadel Advisors LLC acquired a new stake in Adagene during the 3rd quarter valued at approximately $80,000. Renaissance Technologies LLC acquired a new stake in Adagene during the 1st quarter valued at approximately $135,000. Finally, Fifth Lane Capital LP raised its holdings in Adagene by 427.3% during the 4th quarter. Fifth Lane Capital LP now owns 145,000 shares of the company’s stock worth $274,000 after purchasing an additional 117,500 shares during the last quarter. 9.51% of the stock is currently owned by institutional investors.

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.