ADC Therapeutics (NYSE:ADCT) Price Target Cut to $8.00 by Analysts at HC Wainwright

ADC Therapeutics (NYSE:ADCT) had its price target trimmed by HC Wainwright from $9.00 to $8.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also commented on the stock. Guggenheim restated a buy rating on shares of ADC Therapeutics in a report on Friday, April 5th. Royal Bank of Canada reissued an outperform rating and issued a $8.00 price target on shares of ADC Therapeutics in a research note on Thursday, March 14th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, ADC Therapeutics currently has a consensus rating of Moderate Buy and an average price target of $7.25.

ADC Therapeutics Stock Performance

Shares of NYSE ADCT opened at $4.83 on Tuesday. ADC Therapeutics has a 52-week low of $0.36 and a 52-week high of $6.04. The stock has a market cap of $399.97 million, a P/E ratio of -1.65 and a beta of 1.69. The firm has a 50 day moving average price of $4.58 and a 200 day moving average price of $2.87.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Monday, May 6th. The company reported ($0.56) earnings per share for the quarter, hitting the consensus estimate of ($0.56). ADC Therapeutics had a negative return on equity of 1,313.37% and a negative net margin of 344.15%. The firm had revenue of $18.05 million for the quarter, compared to analyst estimates of $18.19 million. During the same period in the previous year, the company posted ($0.74) earnings per share. Analysts predict that ADC Therapeutics will post -2.2 earnings per share for the current fiscal year.

Institutional Trading of ADC Therapeutics

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

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.