HC Wainwright Has Positive View of Adagene FY2024 Earnings

Adagene Inc. (NASDAQ:ADAG - Free Report) - Equities research analysts at HC Wainwright raised their FY2024 earnings estimates for shares of Adagene in a research note issued on Monday, January 27th. HC Wainwright analyst A. He now forecasts that the company will post earnings of ($0.64) per share for the year, up from their previous estimate of ($0.78). HC Wainwright has a "Buy" rating and a $8.00 price objective on the stock. The consensus estimate for Adagene's current full-year earnings is ($0.60) per share. HC Wainwright also issued estimates for Adagene's FY2025 earnings at ($0.74) EPS, FY2026 earnings at ($0.77) EPS, FY2027 earnings at ($1.33) EPS and FY2028 earnings at ($1.26) EPS.

Separately, Morgan Stanley cut Adagene from an "overweight" rating to an "equal weight" rating in a research report on Friday.

Adagene Trading Up 2.7 %

Shares of NASDAQ:ADAG traded up $0.05 on Wednesday, hitting $1.90. 39,483 shares of the company were exchanged, compared to its average volume of 147,015. The stock's 50 day moving average price is $2.02 and its 200 day moving average price is $2.38. Adagene has a 1-year low of $1.74 and a 1-year high of $3.85.

Institutional Trading of Adagene

Several large investors have recently made changes to their positions in ADAG. Exome Asset Management LLC raised 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 valued at $583,000 after acquiring an additional 111,749 shares in the last quarter. Mill Creek Capital Advisors LLC increased its holdings 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 in the last quarter. Finally, Catalina Capital Group LLC increased its holdings in shares of 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 purchasing an additional 16,461 shares in the last quarter. 9.51% of the stock is owned by hedge funds and other institutional investors.

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.