Adagene (NASDAQ:ADAG) Downgraded to “Equal Weight” Rating by Morgan Stanley

Morgan Stanley cut shares of Adagene (NASDAQ:ADAGFree Report) from an overweight rating to an equal weight rating in a report published on Friday morning, MarketBeat reports.

Separately, HC Wainwright increased 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.

View Our Latest Stock Report on Adagene

Adagene Price Performance

NASDAQ:ADAG opened at $1.90 on Friday. Adagene has a 52-week low of $1.74 and a 52-week high of $3.85. The stock has a fifty day moving average of $2.02 and a 200 day moving average of $2.38.

Institutional Trading of Adagene

Several institutional investors and hedge funds have recently bought and sold shares of ADAG. Mill Creek Capital Advisors LLC purchased a new position in Adagene during the third quarter valued at $202,000. Exome Asset Management LLC increased its stake 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 acquiring an additional 111,749 shares in the last quarter. Finally, Catalina Capital Group LLC lifted its position in Adagene by 129.2% during the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock valued at $58,000 after acquiring an additional 16,461 shares during the period. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

About Adagene

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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.

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