HC Wainwright Reaffirms Buy Rating for Adagene (NASDAQ:ADAG)

HC Wainwright restated their buy rating on shares of Adagene (NASDAQ:ADAG) in a research note released on Wednesday, Benzinga reports. They currently have a $5.00 target price on the stock.

Adagene Trading Down 9.0 %

Shares of ADAG opened at $2.12 on Wednesday. The company has a quick ratio of 3.61, a current ratio of 2.50 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average is $2.67 and its 200-day moving average is $2.70. Adagene has a 12-month low of $1.21 and a 12-month high of $4.38.

Institutional Investors Weigh In On Adagene

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

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.