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Adagene

ADAG · NASDAQ

$2.50+$0.21 (+9.17%)TodayMarket closed ·
Prev close $2.29

ADAG analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.
  • Strong buy0
  • Buy3
  • Hold0
  • Underperform0
  • Sell0

12-month price target · 8 analysts

Average $9.94 (+297.5% upside)

Low
$7.07
Now
$2.50
High
$18.32

Upgrades and downgrades

The latest rating actions, newest first

ADAG analyst upgrades, downgrades and rating actions
FirmDateActionRating
HC Wainwright & Co.Oct 19, 2026MaintainsBuy
HC Wainwright & Co.Sep 14, 2026MaintainsBuy
Chardan CapitalSep 10, 2026InitiatesBuy
GuggenheimApr 6, 2026MaintainsBuy
GuggenheimNov 24, 2025InitiatesBuy

The case for and against

Updated Oct 21, 2026

Bull case

Adagene is attractive because its DPL platform supports multiple differentiated antibody modalities, while SAFEbody has already shown clinical validation through muzastotug, which has been dosed at 10 to 20 times the levels of first-generation anti-CTLA-4 antibodies. The upcoming updated overall survival and duration of response data from the 20 mg/kg cohorts in the Phase 1b/2 study, along with the expected first patient dosing in the Phase 1 first-in-human ADG138 study this quarter, create near-term catalysts that could further de-risk the pipeline. ADG138’s preclinical tolerability at more than 300-fold higher doses than its unmasked counterpart, plus markedly reduced cytokine release and complete responses in HER2-low, Enhertu-resistant models, strengthens the case for a platform with broad therapeutic and commercial potential.

Bear case

Adagene is fundamentally challenged by a thin revenue base, reporting just $1.6M in licensing revenue in 1H26 versus a larger-than-expected net loss of $0.23 per share, which underscores that its pipeline remains far from self-funding. The investment case depends heavily on speculative risk-adjusted future revenues from product candidates, yet the company faces substantial clinical, regulatory, commercial, competition, collaboration, manufacturing, dilution, and non-U.S. operating risks. Although cash and cash equivalents of about $128M should support operations into late 2028, the limited near-term monetization and continued losses make the equity vulnerable if development milestones or partnering opportunities disappoint.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.