ADC Therapeutics (NYSE:ADCT) Downgraded to Equal Weight at Morgan Stanley

Morgan Stanley cut shares of ADC Therapeutics (NYSE:ADCTGet Rating) from an overweight rating to an equal weight rating in a research report report published on Friday morning, Marketbeat Ratings reports. They currently have $11.00 price objective on the stock, down from their previous price objective of $17.00.

Separately, HC Wainwright dropped their price objective on shares of ADC Therapeutics from $44.00 to $20.00 and set a buy rating for the company in a research note on Monday, August 22nd.

ADC Therapeutics Stock Down 5.4 %

ADCT stock opened at $6.17 on Friday. The stock has a market capitalization of $473.92 million, a P/E ratio of -2.53 and a beta of 1.11. The firm has a 50-day simple moving average of $7.84 and a 200-day simple moving average of $9.88. The company has a quick ratio of 5.56, a current ratio of 5.76 and a debt-to-equity ratio of 0.85. ADC Therapeutics has a 52 week low of $5.52 and a 52 week high of $32.00.

ADC Therapeutics (NYSE:ADCTGet Rating) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.84) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.96) by $0.12. ADC Therapeutics had a negative net margin of 199.01% and a negative return on equity of 118.44%. The company had revenue of $17.29 million during the quarter, compared to analysts’ expectations of $20.18 million. During the same quarter in the prior year, the company earned ($0.95) EPS. Equities analysts forecast that ADC Therapeutics will post -2.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ADCT. Eventide Asset Management LLC boosted its holdings in ADC Therapeutics by 50.5% in the 4th quarter. Eventide Asset Management LLC now owns 1,975,000 shares of the company’s stock valued at $39,895,000 after purchasing an additional 663,010 shares during the last quarter. Walleye Capital LLC boosted its holdings in ADC Therapeutics by 257.8% in the 2nd quarter. Walleye Capital LLC now owns 888,700 shares of the company’s stock valued at $7,065,000 after purchasing an additional 640,346 shares during the last quarter. Matrix Capital Management Company LP acquired a new position in ADC Therapeutics in the 1st quarter valued at about $5,876,000. JPMorgan Chase & Co. boosted its holdings in ADC Therapeutics by 6.9% in the 1st quarter. JPMorgan Chase & Co. now owns 3,414,630 shares of the company’s stock valued at $50,162,000 after purchasing an additional 219,788 shares during the last quarter. Finally, Pictet Asset Management SA boosted its holdings in ADC Therapeutics by 17.0% in the 4th quarter. Pictet Asset Management SA now owns 1,300,803 shares of the company’s stock valued at $26,276,000 after purchasing an additional 188,902 shares during the last quarter.

About ADC Therapeutics

(Get Rating)

ADC Therapeutics SA, a commercial-stage biotechnology company, develops antibody drug conjugates (ADC) for patients suffering from hematological malignancies and solid tumors. Its flagship product ZYNLONTA that is in Phase II clinical trial for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma; Phase III clinical trial in combination with rituximab to treat relapsed or refractory DLBCL in second-line transplant-ineligible patients; and Phase I clinical trial for treatment of relapsed or refractory non-hodgkin lymphoma (NHL).

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