ADC Therapeutics (NYSE:ADCT) Coverage Initiated at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage on shares of ADC Therapeutics (NYSE:ADCT) in a research report sent to investors on Thursday, MarketBeat.com reports. The brokerage issued an overweight rating on the stock.

Several other analysts have also recently commented on the company. Guggenheim reiterated a buy rating on shares of ADC Therapeutics in a report on Friday, April 5th. HC Wainwright reduced their price objective on shares of ADC Therapeutics from $9.00 to $8.00 and set a buy rating on the stock in a research note on Tuesday, May 7th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $8.00 price objective on shares of ADC Therapeutics in a research report on Thursday, March 14th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, ADC Therapeutics currently has a consensus rating of Moderate Buy and a consensus target price of $7.25.

ADC Therapeutics Price Performance

Shares of NYSE ADCT opened at $3.43 on Thursday. ADC Therapeutics has a one year low of $0.36 and a one year high of $6.04. The firm has a market cap of $283.94 million, a price-to-earnings ratio of -1.25 and a beta of 1.69. The stock’s fifty day moving average price is $4.34 and its two-hundred day moving average price is $3.31.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings results on Monday, May 6th. The company reported ($0.56) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.56). ADC Therapeutics had a negative return on equity of 1,313.37% and a negative net margin of 330.17%. The business had revenue of $18.05 million during the quarter, compared to analysts’ expectations of $18.19 million. During the same period in the previous year, the company posted ($0.74) earnings per share. On average, equities analysts anticipate that ADC Therapeutics will post -1.86 earnings per share for the current fiscal year.

Insider Buying and Selling at ADC Therapeutics

In other ADC Therapeutics news, CEO Ameet Mallik sold 29,731 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $4.48, for a total transaction of $133,194.88. Following the completion of the transaction, the chief executive officer now owns 1,167,348 shares in the company, valued at $5,229,719.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.05% of the company’s stock.

Institutional Investors Weigh In On ADC Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC raised its position in shares of ADC Therapeutics by 613.8% in the third quarter. Acadian Asset Management LLC now owns 156,048 shares of the company’s stock worth $138,000 after buying an additional 134,186 shares in the last quarter. Affinity Asset Advisors LLC raised its stake in ADC Therapeutics by 83.3% in the third quarter. Affinity Asset Advisors LLC now owns 1,100,000 shares of the company’s stock valued at $987,000 after purchasing an additional 500,000 shares in the last quarter. Redmile Group LLC lifted its position in ADC Therapeutics by 0.9% during the third quarter. Redmile Group LLC now owns 14,178,045 shares of the company’s stock valued at $12,718,000 after purchasing an additional 128,110 shares during the last quarter. Saxony Capital Management LLC purchased a new position in ADC Therapeutics in the 4th quarter worth approximately $34,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in shares of ADC Therapeutics by 7.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock worth $317,000 after buying an additional 4,700 shares during the last quarter. 41.10% of the stock is owned by hedge funds and other institutional investors.

ADC Therapeutics Company Profile

ADC Therapeutics SA focuses on advancing its proprietary antibody drug conjugate (ADC) technology platform to transform the treatment paradigm for patients with hematologic malignancies and solid tumors. Its flagship product is ZYNLONTA, a CD19-directed ADC, received accelerated approval from the U.S.