HC Wainwright Issues Positive Forecast for Adagene (NASDAQ:ADAG) Stock Price

Adagene (NASDAQ:ADAG) had its price target lifted by analysts at HC Wainwright from $5.00 to $8.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 310.26% from the company’s current price.

Adagene Stock Up 3.4 %

NASDAQ:ADAG opened at $1.95 on Monday. The firm’s fifty day moving average is $2.05 and its two-hundred day moving average is $2.41. Adagene has a one year low of $1.74 and a one year high of $4.38.

Institutional Investors Weigh In On Adagene

Several hedge funds have recently bought and sold shares of ADAG. Catalina Capital Group LLC increased its holdings in Adagene by 129.2% in the fourth quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock valued at $58,000 after buying an additional 16,461 shares in the last quarter. Mill Creek Capital Advisors LLC purchased a new position in shares of Adagene in the 3rd quarter valued at about $202,000. Finally, Exome Asset Management LLC boosted its position 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 purchasing an additional 111,749 shares in the last quarter. Hedge funds and other institutional investors 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.