Kamunting Street Capital Management L.P. Takes Position in Adagene Inc. (NASDAQ:ADAG)

Kamunting Street Capital Management L.P. bought a new position in Adagene Inc. (NASDAQ:ADAG) during the fourth quarter, Holdings Channel reports. The firm bought 126,032 shares of the company’s stock, valued at approximately $251,000. Adagene makes up approximately 0.2% of Kamunting Street Capital Management L.P.’s investment portfolio, making the stock its 15th largest position.

Other hedge funds also recently made changes to their positions in the company. Catalina Capital Group LLC increased its holdings in shares of Adagene by 129.2% in the 4th quarter. Catalina Capital Group LLC now owns 29,198 shares of the company’s stock worth $58,000 after buying an additional 16,461 shares during the last quarter. Mill Creek Capital Advisors LLC lifted its holdings 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 acquiring an additional 108,702 shares during the last quarter. Exome Asset Management LLC grew its position in Adagene by 74.1% in the third quarter. Exome Asset Management LLC now owns 262,625 shares of the company’s stock worth $583,000 after acquiring an additional 111,749 shares in the last quarter. Finally, General Atlantic L.P. increased its stake in Adagene by 1,349.2% during the fourth quarter. General Atlantic L.P. now owns 3,825,952 shares of the company’s stock worth $7,614,000 after acquiring an additional 3,561,952 shares during the last quarter. 9.51% of the stock is currently owned by hedge funds and other institutional investors.

Adagene Trading Up 1.3 %

Shares of NASDAQ:ADAG opened at $1.55 on Tuesday. The firm’s 50-day moving average is $1.76 and its 200 day moving average is $2.05. Adagene Inc. has a 12 month low of $1.33 and a 12 month high of $3.58.

Analysts Set New Price Targets

ADAG has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Adagene in a research note on Thursday, April 3rd. Morgan Stanley downgraded Adagene from an “overweight” rating to an “equal weight” rating in a research report on Friday, January 31st.

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.