Adagene’s (ADAG) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Adagene (NASDAQ:ADAG) in a research report released on Wednesday morning, Benzinga reports. The firm currently has a $5.00 price objective on the stock. HC Wainwright also issued estimates for Adagene’s FY2024 earnings at ($0.78) EPS and FY2025 earnings at ($1.62) EPS.

Adagene Stock Performance

ADAG opened at $2.40 on Wednesday. Adagene has a twelve month low of $1.21 and a twelve month high of $4.38. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.61 and a current ratio of 2.50. The company has a 50-day moving average price of $2.65 and a 200 day moving average price of $2.69.

Institutional Trading of Adagene

A hedge fund recently raised its stake in Adagene stock. Artal Group S.A. grew its position in Adagene Inc. (NASDAQ:ADAG) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,020,000 shares of the company’s stock after buying an additional 20,000 shares during the period. Artal Group S.A. owned 2.31% of Adagene worth $2,856,000 as of its most recent SEC filing. 9.51% of the stock is owned by institutional investors and hedge funds.

About Adagene

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.