Adani stocks tumble, hit lower circuit on US bribery, fraud charges By Investing.com
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 21 2024
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Source: Investing.com
U.S. Allegations Against Adani Group: The U.S. authorities have accused Gautam Adani and others of a bribery scheme involving over $250 million to secure government contracts for solar power projects, leading to significant stock declines in Adani Group companies.
Impact on Market and Future Plans: Following the allegations, Adani Enterprises and other listed firms experienced sharp drops in share prices, contributing to a decline in India's Nifty 50 index, while also complicating Adani's international expansion and debt issuance plans.
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.
