HC Wainwright Weighs in on Adagene Inc.’s FY2024 Earnings (NASDAQ:ADAG)

Adagene Inc. (NASDAQ:ADAG) – HC Wainwright upped their FY2024 earnings estimates for Adagene in a note issued to investors on Wednesday, September 18th. HC Wainwright analyst A. He now forecasts that the company will earn ($0.78) per share for the year, up from their prior estimate of ($0.88). HC Wainwright currently has a “Buy” rating and a $5.00 target price on the stock. The consensus estimate for Adagene’s current full-year earnings is ($0.68) per share. HC Wainwright also issued estimates for Adagene’s FY2025 earnings at ($1.62) EPS.

Adagene Price Performance

Adagene stock opened at $2.25 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.50 and a quick ratio of 3.61. The firm has a 50-day moving average of $2.67 and a two-hundred day moving average of $2.70. Adagene has a 1 year low of $1.21 and a 1 year high of $4.38.

Institutional Trading of Adagene

An institutional investor recently raised its position in Adagene stock. Artal Group S.A. boosted its position in Adagene Inc. (NASDAQ:ADAG) by 2.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,020,000 shares of the company’s stock after purchasing an additional 20,000 shares during the quarter. Artal Group S.A. owned approximately 2.31% of Adagene worth $2,856,000 at the end of the most recent reporting period. 9.51% of the stock is currently owned by institutional investors and hedge funds.

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.