Guggenheim Cuts ADC Therapeutics (NYSE:ADCT) Price Target to $7.00

ADC Therapeutics (NYSE:ADCT) had its price target decreased by Guggenheim from $10.00 to $7.00 in a research report report published on Monday morning,Benzinga reports. Guggenheim currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Stephens raised their price objective on ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of ADC Therapeutics in a report on Monday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ADC Therapeutics in a research report on Friday, March 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $7.75.

ADC Therapeutics Stock Performance

Shares of NYSE:ADCT opened at $1.36 on Monday. The firm has a 50 day simple moving average of $1.64 and a 200 day simple moving average of $2.22. ADC Therapeutics has a 52 week low of $1.28 and a 52 week high of $5.38. The company has a market cap of $131.01 million, a PE ratio of -0.57 and a beta of 1.51.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Thursday, March 27th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.06. The business had revenue of $19.00 million during the quarter, compared to analysts’ expectations of $19.01 million. On average, equities analysts predict that ADC Therapeutics will post -1.69 earnings per share for the current year.

Institutional Investors Weigh In On ADC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. ProShare Advisors LLC grew its stake in shares of ADC Therapeutics by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 22,901 shares of the company’s stock valued at $46,000 after buying an additional 7,535 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in ADC Therapeutics by 21.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,520 shares of the company’s stock valued at $93,000 after acquiring an additional 8,246 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in ADC Therapeutics by 122.6% in the fourth quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company’s stock valued at $33,000 after acquiring an additional 9,248 shares during the last quarter. SG Americas Securities LLC grew its position in ADC Therapeutics by 35.6% in the fourth quarter. SG Americas Securities LLC now owns 36,140 shares of the company’s stock worth $72,000 after acquiring an additional 9,483 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of ADC Therapeutics by 6.0% during the 4th quarter. Bank of New York Mellon Corp now owns 171,993 shares of the company’s stock worth $342,000 after purchasing an additional 9,750 shares during the last quarter. 41.10% of the stock is owned by hedge funds and other institutional investors.

About ADC Therapeutics

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.