Adagene (NASDAQ:ADAG) Earns “Buy” Rating from HC Wainwright

Adagene (NASDAQ:ADAG)‘s stock had its “buy” rating reissued by HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $8.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 387.80% from the company’s current price.

Separately, Morgan Stanley downgraded shares of Adagene from an “overweight” rating to an “equal weight” rating in a research report on Friday, January 31st.

Adagene Stock Down 9.6 %

ADAG opened at $1.64 on Thursday. The company has a fifty day moving average price of $1.86 and a two-hundred day moving average price of $2.13. Adagene has a 52 week low of $1.33 and a 52 week high of $3.58.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Lane Capital LP acquired a new stake in shares of Adagene during the fourth quarter worth about $54,000. Catalina Capital Group LLC raised its holdings in 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 during the period. Kamunting Street Capital Management L.P. bought a new position in Adagene in the fourth quarter valued at approximately $251,000. Mill Creek Capital Advisors LLC boosted its holdings in shares of Adagene by 119.6% in the fourth quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock valued at $397,000 after buying an additional 108,702 shares during the period. Finally, Exome Asset Management LLC increased its position in shares of 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. 9.51% of the stock is 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.