Adani Group firms' shares fall for second session after US indictments By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 22 2024
0mins
Source: Investing.com
Adani Group Share Decline: Shares of Adani Group companies dropped for the second consecutive day following U.S. prosecutors' charges against billionaire chairman Gautam Adani for alleged bribery and fraud, with losses ranging from 3% to 10% across various subsidiaries.
Market Impact and Project Cancellation: The market value of Adani Group companies decreased by approximately $27 billion, and Kenya's president canceled a significant airport project with the conglomerate in response to the indictments.
Analyst Views on ADAG
Wall Street analysts forecast ADAG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ADAG is 8.50 USD with a low forecast of 8.00 USD and a high forecast of 9.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 2.030
Low
8.00
Averages
8.50
High
9.00
Current: 2.030
Low
8.00
Averages
8.50
High
9.00
About ADAG
Adagene Inc is a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. The Company is principally engaged in the research, development and production of monoclonal antibody drugs for cancers. The Company’s main products include: ADG106 is being developed for the treatment of advanced solid tumors and non-Hodgkin's lymphoma, or NHL. ADG126 is designed to address the toxicity and efficacy issues related to the MOA of existing approved CTLA-4 immuno-oncology therapies and to expand the potential of CTLA-4 as a target for the treatment of cancer. ADG116 is designed to target a unique conserved epitope of CTLA-4. And ADG104, a monospecific antibody that targets PD-L1 and is in Phase Ib and Phase II clinical trials concurrently in China.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
