Adagene (NASDAQ:ADAG) Stock Rating Reaffirmed by HC Wainwright

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a report released on Wednesday, Benzinga reports. They currently have a $5.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 122.22% from the stock’s previous close.

Adagene Trading Up 6.1 %

Adagene stock opened at $2.25 on Wednesday. The business’s 50 day simple moving average is $2.67 and its 200 day simple moving average is $2.70. Adagene has a 12 month low of $1.21 and a 12 month high of $4.38. The company has a current ratio of 2.50, a quick ratio of 3.61 and a debt-to-equity ratio of 0.08.

Institutional Investors Weigh In On Adagene

An institutional investor recently raised its position in Adagene stock. Artal Group S.A. grew its holdings in shares of Adagene Inc. (NASDAQ:ADAG) by 2.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 about 2.31% of Adagene worth $2,856,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 9.51% of the company’s stock.

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.