Adagene (NASDAQ:ADAG) Shares Up 0.2% – Time to Buy?

Adagene Inc. (NASDAQ:ADAG)’s share price shot up 0.2% during trading on Thursday . The stock traded as high as $2.20 and last traded at $2.06. 2,400 shares traded hands during trading, a decline of 97% from the average session volume of 83,165 shares. The stock had previously closed at $2.05.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADAG. HC Wainwright raised their price objective on Adagene from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Morgan Stanley lowered Adagene from an “overweight” rating to an “equal weight” rating in a research report on Friday, January 31st.

Adagene Price Performance

The firm has a 50-day moving average price of $1.91 and a 200-day moving average price of $2.28.

Hedge Funds Weigh In On Adagene

Several large investors have recently modified their holdings of the stock. General Atlantic L.P. raised its position in shares of Adagene by 1,349.2% in the 4th quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock worth $7,614,000 after purchasing an additional 3,561,952 shares during the last quarter. Exome Asset Management LLC raised its position in shares of Adagene by 74.1% in the 3rd 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 during the last quarter. Mill Creek Capital Advisors LLC raised its position in shares of Adagene by 119.6% in the 4th quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company’s stock worth $397,000 after purchasing an additional 108,702 shares during the last quarter. Kamunting Street Capital Management L.P. purchased a new position in shares of Adagene in the 4th quarter worth about $251,000. Finally, Catalina Capital Group LLC raised its position in shares of Adagene by 129.2% in the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock worth $58,000 after purchasing an additional 16,461 shares during the last quarter. Hedge funds and other institutional investors own 9.51% of the company’s stock.

Adagene Company Profile

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.