Zacks Investment Research Lowers Adagene (NASDAQ:ADAG) to Sell

Adagene (NASDAQ:ADAGGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, reports.

According to Zacks, “Adagene Inc. is a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Adagene Inc. is based in SAN FRANCISCO, Calif. “

Separately, Morgan Stanley lowered their price objective on shares of Adagene from $27.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday, February 1st.

ADAG stock traded up $0.06 during mid-day trading on Wednesday, reaching $2.86. 1,959 shares of the stock traded hands, compared to its average volume of 17,000. The company has a current ratio of 6.24, a quick ratio of 6.24 and a debt-to-equity ratio of 0.02. Adagene has a one year low of $2.68 and a one year high of $20.98. The business has a 50-day moving average price of $3.46 and a two-hundred day moving average price of $5.97.

Hedge funds and other institutional investors have recently modified their holdings of the company. Citadel Advisors LLC purchased a new position in Adagene in the 4th quarter valued at $134,000. Millennium Management LLC acquired a new stake in shares of Adagene during the 2nd quarter worth about $298,000. Strategic Vision Investment Ltd increased its position in shares of Adagene by 397.8% during the 1st quarter. Strategic Vision Investment Ltd now owns 779,133 shares of the company’s stock worth $2,781,000 after purchasing an additional 622,633 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Adagene by 210.8% during the 2nd quarter. Morgan Stanley now owns 1,414,275 shares of the company’s stock worth $19,178,000 after purchasing an additional 959,259 shares during the last quarter. 20.17% of the stock is currently owned by institutional investors and hedge funds.

Adagene Company Profile (Get Rating)

Adagene Inc, a clinical stage biopharmaceutical 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 monoclonal antibodies (mAbs) that is in Phase 1b/2 clinical trials for the treatment advanced solid tumors and non-Hodgkin's lymphoma; ADG126, a 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 I clinical trial for the treatment of advanced metastatic solid tumors.

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