Adagene (NASDAQ:ADAG) Rating Lowered to Sell at Wall Street Zen

Adagene (NASDAQ:ADAG) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the company. Guggenheim reiterated a “buy” rating and set a $10.00 target price on shares of Adagene in a report on Tuesday, July 14th. Chardan Capital reissued a “buy” rating and issued a $9.00 price target on shares of Adagene in a report on Wednesday, October 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Adagene in a research report on Thursday, October 15th. Stifel Nicolaus set a $7.00 price objective on Adagene in a research report on Monday, October 19th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Adagene in a research note on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.25.

Adagene Stock Performance

Shares of Adagene stock opened at $2.00 on Friday. Adagene has a 1 year low of $1.30 and a 1 year high of $4.85. The business has a 50 day moving average price of $2.88 and a 200 day moving average price of $3.41.

Insider Activity at Adagene

In other news, CEO Peter Luo acquired 20,290 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was acquired at an average price of $3.15 per share, with a total value of $63,913.50. Following the completion of the transaction, the chief executive officer directly owned 88,535 shares in the company, valued at approximately $278,885.25. This represents a 29.73% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have bought 24,290 shares of company stock worth $77,414 in the last ninety days. Insiders own 21.20% of the company’s stock.

Hedge Funds Weigh In On Adagene

A hedge fund recently bought a new stake in Adagene stock. Renaissance Technologies LLC bought a new position in shares of Adagene Inc. Sponsored ADR (NASDAQ:ADAG) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 34,533 shares of the company’s stock, valued at approximately $135,000. Renaissance Technologies LLC owned about 0.07% of Adagene as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 9.51% of the company’s stock.

About Adagene

Adagene Inc is a clinical-stage biopharmaceutical company focused on developing antibody-based cancer immunotherapies. The company uses computational technologies and antibody-engineering capabilities to discover and develop therapies designed to activate the immune system against tumors while limiting activity in healthy tissues.

Adagene’s proprietary SAFEbody technology is designed to conditionally mask antibody binding sites so that therapies are preferentially activated in the tumor microenvironment.