Fintel reports that Fmr has filed a 13G/A form with the SEC disclosing ownership of 4.63MM shares of Adagene Inc (ADAG). This represents 8.785% of the company.
In their previous filing dated February 9, 2022 they reported 4.79MM shares and 9.09% of the company, a decrease in shares of 3.34% and a decrease in total ownership of 0.30% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 654.16% Upside
As of February 8, 2023, the average one-year price target for Adagene is $14.10. The forecasts range from a low of $5.05 to a high of $27.30. The average price target represents an increase of 654.16% from its latest reported closing price of $1.87.
The projected annual revenue for Adagene is $14MM, an increase of 10.49%. The projected annual EPS is -$2.19.
What is the Fund Sentiment?
There are 14 funds or institutions reporting positions in Adagene. This is a decrease of 7 owner(s) or 33.33% in the last quarter. Average portfolio weight of all funds dedicated to ADAG is 0.03%, a decrease of 59.65%. Total shares owned by institutions decreased in the last three months by 36.48% to 5,554K shares.
What are large shareholders doing?
SC CHINA HOLDING holds 1,343K shares representing 3.09% ownership of the company. No change in the last quarter.
Artal Group holds 1,000K shares representing 2.30% ownership of the company. No change in the last quarter.
Strategic Vision Investment holds 363K shares representing 0.84% ownership of the company. In it's prior filing, the firm reported owning 749K shares, representing a decrease of 106.44%. The firm decreased its portfolio allocation in ADAG by 81.45% over the last quarter.
General Atlantic holds 264K shares representing 0.61% ownership of the company. No change in the last quarter.
Renaissance Technologies holds 96K shares representing 0.22% ownership of the company. In it's prior filing, the firm reported owning 22K shares, representing an increase of 77.25%. The firm increased its portfolio allocation in ADAG by 226.63% over the last quarter.
Adagene Background Information
(This description is provided by the company.)
Adagene Inc. is a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Adagene combines computational biology and artificial intelligence to design novel antibodies that address unmet patient needs. Its proprietary pipeline is comprised of novel immunotherapy programs. Adagene has forged strategic collaborations with reputable global partners that leverage its technology in multiple approaches at the vanguard of science.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
