Peter Luo Buys 22,966 Shares of Adagene (NASDAQ:ADAG) Stock

Adagene Inc. Sponsored ADR (NASDAQ:ADAG) CEO Peter Luo bought 22,966 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was purchased at an average price of $3.65 per share, with a total value of $83,825.90. Following the completion of the acquisition, the chief executive officer owned 67,966 shares of the company’s stock, valued at approximately $248,075.90. This trade represents a 51.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Peter Luo also recently made the following trade(s):

• On Wednesday, August 5th, Peter Luo purchased 279 shares of Adagene stock. The shares were purchased at an average price of $3.65 per share, for a total transaction of $1,018.35.

Adagene Stock Performance

Shares of NASDAQ:ADAG opened at $4.11 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.07. Adagene Inc. Sponsored ADR has a 52 week low of $1.30 and a 52 week high of $4.85. The firm has a 50 day simple moving average of $3.78 and a 200 day simple moving average of $3.55.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Guggenheim restated a “buy” rating and issued a $10.00 target price on shares of Adagene in a report on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adagene in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Adagene currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.

Hedge Funds Weigh In On Adagene

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new stake in Adagene in the first quarter valued at approximately $135,000. Fifth Lane Capital LP raised its holdings 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 purchasing an additional 117,500 shares in the last quarter. Exome Asset Management LLC bought a new position in shares of Adagene during the 4th quarter valued at $2,004,000. SmartHarvest Portfolios LLC acquired a new stake in shares of Adagene in the 4th quarter valued at $73,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Adagene in the 3rd quarter valued at $80,000. Institutional investors 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.