FY2024 Earnings Forecast for Adagene Issued By HC Wainwright

Adagene Inc. (NASDAQ:ADAGFree Report) – Investment analysts at HC Wainwright upped their FY2024 EPS estimates for Adagene in a research note issued on Monday, January 27th. HC Wainwright analyst A. He now forecasts that the company will post earnings per share of ($0.64) for the year, up from their prior forecast of ($0.78). HC Wainwright has a “Buy” rating and a $8.00 price target on the stock. The consensus estimate for Adagene’s current full-year earnings is ($0.65) per share. HC Wainwright also issued estimates for Adagene’s FY2025 earnings at ($0.74) EPS, FY2026 earnings at ($0.77) EPS, FY2027 earnings at ($1.33) EPS and FY2028 earnings at ($1.26) EPS.

Adagene Stock Performance

Shares of Adagene stock opened at $1.85 on Wednesday. The business has a 50-day moving average price of $2.02 and a two-hundred day moving average price of $2.39. Adagene has a 1-year low of $1.74 and a 1-year high of $3.85.

Institutional Investors Weigh In On Adagene

Large investors have recently added to or reduced their stakes in the business. Catalina Capital Group LLC boosted its holdings in shares of Adagene by 129.2% during the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock worth $58,000 after buying an additional 16,461 shares in the last quarter. Mill Creek Capital Advisors LLC acquired a new position in shares of Adagene during the 3rd quarter valued at $202,000. Finally, Exome Asset Management LLC boosted its stake in Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock worth $583,000 after acquiring an additional 111,749 shares in the last quarter. Institutional investors and hedge funds own 9.51% of the company’s stock.

About Adagene

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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.

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