Lucid Capital initiated coverage of Adagene (ADAG) with a Buy rating and $9 price target Adagene is a clinical-stage biotechnology company focused on discovering and developing novel antibody-based cancer immunotherapies, the analyst tells investors in a research note. The firm estimates peak sales of $1.2B by 2039 for the company’s lead asset muzastotug in metastatic colorectal cancer patients with no liver metastases. Lucid sees “significant” upside in the shares if the data continue to support a potential best-in-indication profile.
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