Adagene shares rise 11.33% intraday after positive muzastotug clinical data and FDA Fast Track designation for MSS CRC treatment.

Adagene Inc. (Nasdaq: ADAG) surged 11.33% intraday following the release of a business update and 2026 objectives highlighting clinical progress for muzastotug, its anti-CTLA-4 immunotherapy. Key drivers included the FDA Fast Track designation for muzastotug in combination with pembrolizumab for MSS metastatic colorectal cancer, the initiation of a Phase 2 dose-optimization study, and unaudited cash reserves of $74.5 million, providing funding through late 2027. The update also outlined upcoming Q1 2026 data readouts from Phase 1b/2 trials and strategic collaborations, including a $25 million investment from Sanofi. CEO Peter Luo emphasized muzastotug.