Adagene (NASDAQ:ADAG) Stock Price Down 3.1% – Should You Sell?

Adagene Inc. Sponsored ADR (NASDAQ:ADAG)’s stock price dropped 3.1% during mid-day trading on Thursday . The company traded as low as $3.95 and last traded at $4.12. 313,618 shares changed hands during mid-day trading, an increase of 50% from the average daily volume of 208,829 shares. The stock had previously closed at $4.25.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADAG shares. Wall Street Zen upgraded Adagene to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a research report on Monday, April 20th. Finally, Guggenheim upped their price target on shares of Adagene from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, April 6th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $8.00.

Adagene Stock Down 3.1%

The company has a 50-day moving average of $3.68 and a 200 day moving average of $3.11. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.07 and a quick ratio of 3.07.

Adagene (NASDAQ:ADAG) last issued its quarterly earnings data on Saturday, February 14th. The company reported ($0.04) earnings per share (EPS) for the quarter. The business had revenue of $3.84 million during the quarter. Analysts anticipate that Adagene Inc. Sponsored ADR will post -0.49 earnings per share for the current year.

Institutional Trading of Adagene

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new position in Adagene during the first quarter worth $135,000. Fifth Lane Capital LP increased its position in Adagene by 427.3% during the fourth 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 last quarter. Exome Asset Management LLC purchased a new stake in shares of Adagene in the fourth quarter valued at $2,004,000. SmartHarvest Portfolios LLC purchased a new stake in shares of Adagene in the fourth quarter valued at $73,000. Finally, Citadel Advisors LLC bought a new stake in shares of Adagene in the 3rd quarter worth about $80,000. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Company Profile

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.