Morgan Stanley Downgrades Adagene (NASDAQ:ADAG) to Equal Weight

Morgan Stanley lowered shares of Adagene (NASDAQ:ADAG - Free Report) from an overweight rating to an equal weight rating in a research report released on Friday, MarketBeat reports.

Separately, HC Wainwright boosted their target price on Adagene from $5.00 to $8.00 and gave the stock a "buy" rating in a research report on Monday, January 27th.

Adagene Stock Down 2.9 %

Shares of ADAG stock traded down $0.06 during mid-day trading on Friday, hitting $1.86. The company's stock had a trading volume of 19,376 shares, compared to its average volume of 139,226. Adagene has a 52-week low of $1.74 and a 52-week high of $3.80. The business has a 50-day moving average price of $2.01 and a 200 day moving average price of $2.38.

Institutional Trading of Adagene

Hedge funds have recently bought and sold shares of the company. Mill Creek Capital Advisors LLC grew its stake in shares of Adagene by 119.6% during the 4th quarter. Mill Creek Capital Advisors LLC now owns 199,610 shares of the company's stock valued at $397,000 after purchasing an additional 108,702 shares during the period. Catalina Capital Group LLC grew its position in Adagene by 129.2% during 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 during the period. Finally, Exome Asset Management LLC increased its holdings in Adagene by 74.1% during the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company's stock valued at $583,000 after buying an additional 111,749 shares during 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.