HC Wainwright Brokers Lift Earnings Estimates for Adagene

Adagene Inc. (NASDAQ:ADAG) – Research analysts at HC Wainwright raised their FY2024 earnings per share estimates for Adagene in a research report issued on Monday, January 27th. HC Wainwright analyst A. He now anticipates that the company will post earnings of ($0.64) per share for the year, up from their previous estimate of ($0.78). HC Wainwright currently has a “Buy” rating and a $8.00 target price on the stock. The consensus estimate for Adagene’s current full-year earnings is ($0.65) 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.

Adagene Stock Performance

NASDAQ:ADAG opened at $1.85 on Wednesday. Adagene has a one year low of $1.74 and a one year high of $3.85. The firm’s 50 day simple moving average is $2.02 and its 200 day simple moving average is $2.39.

Hedge Funds Weigh In On Adagene

Hedge funds have recently modified their holdings of the business. Exome Asset Management LLC raised its position in Adagene by 74.1% during 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 grew 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 valued at $397,000 after buying an additional 108,702 shares during the last quarter. Finally, Catalina Capital Group LLC increased its stake in shares of Adagene by 129.2% in 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. Institutional investors and hedge funds 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.