Leerink Partners analyst Daina Graybosch reiterated a Buy rating on Adagene on August 13 and set a price target of $7.00.
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Daina Graybosch has given her Buy rating due to a combination of factors that highlight Adagene’s promising position in the next-generation CTLA-4 class. The company’s conditionally masked CTLA-4 antagonist, muzatotug (muza), is seen as well-positioned for both clinical and commercial success in treating relapsed/refractory microsatellite stable, non-liver metastatic colorectal cancer. The combination of muza with PD-1 antagonists, particularly pembrolizumab, has shown strong proof-of-concept efficacy and safety, which is a significant factor in the positive outlook.
Moreover, Adagene’s extensive dose optimization efforts are expected to provide an advantage in the upcoming Phase 3 study. The company’s clinical experience with muza demonstrates effective protease-masking and conditional activity, which reduces the risk associated with their development capabilities. This experience adds underappreciated platform value and strategic optionality, reinforcing the Buy rating and the reiterated price target of $7.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.00 price target.