Adagene Inc (ADAG) PT Lowered to $7 at H.C. Wainwright

H.C. Wainwright analyst Arthur He lowered the price target on Adagene Inc (NASDAQ: ADAG) to $7.00 (from $8.00) while maintaining a Buy rating.

The analyst commented: 'Most recently, Adagene held an End-of-Phase 1 meeting with the FDA and reached alignment on the trial design of both Phase 2 and 3 studies with muzastotug (ADG126) in patients with microsatellite stable colorectal cancer (MSS-CRC). We view this as an important regulatory milestone, providing clarity on ADG126’s development path and setting the stage for the company’s next value inflection point. Adagene is evaluating ADG126, a human IgG1, masked anti-CTLA-4 monoclonal antibody (mAb) based on its proprietary SAFEbody platform, in combination with pembrolizumab, an anti-PD-1 antibody marketed as Keytruda by Merck (MRK; not rated), in refractory MSS-CRC patients without liver metastases (NLM). We maintain our Buy rating on ADAG and lower our 12-month price target to $7 per share, from $8. We derive our price target based on a risk-adjusted net present value (rNPV) analysis of projected future revenues from Adagene’s product candidates, assuming an 12% discount rate and a 0% terminal growth rate."

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