Adagene (NASDAQ:ADAG) Announces Earnings Results, Beats Expectations By $0.24 EPS
by Kim Johansen · The Markets DailyAdagene (NASDAQ:ADAG – Get Free Report) issued its quarterly earnings data on Wednesday. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.24, FiscalAI reports. The company had revenue of $3.84 million for the quarter, compared to the consensus estimate of $17.50 million.
Adagene Stock Up 17.6%
NASDAQ:ADAG traded up $0.69 during trading on Wednesday, reaching $4.61. The company’s stock had a trading volume of 214,490 shares, compared to its average volume of 187,962. The firm has a 50 day moving average of $3.17 and a 200-day moving average of $2.33. Adagene has a 12 month low of $1.30 and a 12 month high of $4.72.
Analyst Ratings Changes
Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Adagene to a “hold” rating in a research note on Saturday, March 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adagene in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Adagene presently has a consensus rating of “Buy” and an average target price of $7.67.
Read Our Latest Stock Analysis on Adagene
Hedge Funds Weigh In On Adagene
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Exome Asset Management LLC purchased a new stake in Adagene in the fourth quarter worth $2,004,000. Citadel Advisors LLC bought a new position in shares of Adagene during the 3rd quarter worth $80,000. SmartHarvest Portfolios LLC purchased a new stake in Adagene in the 4th quarter worth about $73,000. Finally, Marex Group plc bought a new stake in Adagene in the 2nd quarter valued at about $47,000. 9.51% of the stock is owned by hedge funds and other institutional investors.
Adagene Company Profile
Adagene Inc, headquartered in Suzhou, China, is a clinical-stage biopharmaceutical company specializing in the discovery and development of antibody-based therapeutics for cancer and immune-related diseases. Founded in 2017, the company leverages its proprietary immunome technology platform to mine human antibody repertoires and engineer novel monospecific and bispecific antibodies. Adagene’s pipeline includes multiple candidates in preclinical and early clinical development, with a focus on targeting tumor microenvironments and modulating immune checkpoints to enhance anti-tumor efficacy.
At the core of Adagene’s research and development efforts is its Bihanc™ antibody platform, which combines combinatorial phage display, structure-based design and artificial intelligence to optimize binding affinity, specificity and developability.