Leerink initiated coverage of Adagene (ADAG) with an Outperform rating and $7 price target The firm’s positive view of the company and stock is grounded in enthusiasm for the company’s lead program, muzastotug, which is a conditionally masked CTLA-4 antagonist. As emphasis on biotech in China increases, Adagene is well positioned to benefit from increased investment in the region, Leerink adds.
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