Adagene downgraded to Hold from Buy at Jefferies

Jefferies downgraded Adagene (ADAG) to Hold from Buy with a price target of $3.50, down from $8. Adagene’s ADG126 has shown “encouraging activities and safety” over the past years, including recently at STIC’24, but the efficacy is more prominent in a subset of patients without liver and peritoneal mets and there is little clarity on the regulatory development path given the patient population, the analyst tells investors. The firm has pushed out its expected launch timeline of ADG126 to 2029 from 2028, the analyst noted.