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

Shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) have been given a consensus recommendation of “Buy” by the five brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $7.6667.

ADAG has been the subject of several recent analyst reports. Lifesci Capital upgraded Adagene to a “strong-buy” rating in a research note on Friday, November 14th. Guggenheim began coverage on Adagene in a research report on Monday, November 24th. They set a “buy” rating and a $9.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adagene in a research note on Wednesday, January 21st.

Adagene Stock Down 3.7%

NASDAQ:ADAG opened at $2.84 on Thursday. Adagene has a 52 week low of $1.30 and a 52 week high of $3.19. The company has a 50-day moving average of $2.01 and a 200-day moving average of $1.99.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Citadel Advisors LLC bought a new position in Adagene during the third quarter worth about $80,000. Gordian Capital Singapore Pte Ltd raised its position in Adagene by 101.4% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 48,342 shares of the company’s stock valued at $96,000 after buying an additional 24,342 shares during the last quarter. Finally, Marex Group plc bought a new stake in shares of Adagene in the second quarter worth $47,000. Institutional investors and hedge funds own 9.51% of the company’s stock.

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.