ADC Therapeutics’ (ADCT) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of ADC Therapeutics (NYSE:ADCT) in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a $8.00 price objective on the stock.

Several other brokerages also recently weighed in on ADCT. Stephens initiated coverage on ADC Therapeutics in a research report on Friday, November 8th. They issued an “overweight” rating and a $6.00 price objective for the company. Guggenheim reiterated a “buy” rating and issued a $10.00 price objective on shares of ADC Therapeutics in a research report on Thursday, December 12th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $8.00.

ADC Therapeutics Price Performance

Shares of ADCT opened at $1.93 on Monday. The firm has a market cap of $186.13 million, a P/E ratio of -0.81 and a beta of 1.55. The stock has a 50 day simple moving average of $2.33 and a two-hundred day simple moving average of $2.83. ADC Therapeutics has a 1 year low of $1.71 and a 1 year high of $6.04.

ADC Therapeutics (NYSE:ADCT) last issued its earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The business had revenue of $18.46 million during the quarter, compared to analyst estimates of $18.76 million. During the same period in the prior year, the company posted ($0.58) earnings per share. On average, equities analysts anticipate that ADC Therapeutics will post -1.67 earnings per share for the current year.

Insider Activity at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc sold 25,352 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $2.07, for a total transaction of $52,478.64. Following the completion of the transaction, the insider now owns 15,566,731 shares in the company, valued at $32,223,133.17. This represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ADC Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in ADC Therapeutics in the second quarter worth $648,000. Rhumbline Advisers purchased a new stake in ADC Therapeutics in the second quarter worth $272,000. Acadian Asset Management LLC purchased a new stake in ADC Therapeutics in the second quarter worth $51,000. XTX Topco Ltd grew its stake in ADC Therapeutics by 129.0% in the second quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock worth $180,000 after purchasing an additional 32,034 shares during the period. Finally, Affinity Asset Advisors LLC purchased a new stake in ADC Therapeutics in the second quarter worth $1,500,000. Institutional investors own 41.10% of the company’s stock.

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.