Guggenheim Reaffirms “Buy” Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating reissued by research analysts at Guggenheim in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $10.00 price target on the stock. Guggenheim’s price objective points to a potential upside of 214.96% from the company’s previous close.

Separately, Royal Bank Of Canada raised ADC Therapeutics from an “outperform” rating to a “moderate buy” rating and decreased their target price for the company from $8.00 to $5.00 in a research report on Friday, June 20th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $7.75.

ADC Therapeutics Stock Performance

ADCT opened at $3.18 on Wednesday. ADC Therapeutics has a one year low of $1.05 and a one year high of $3.97. The company has a market cap of $357.19 million, a P/E ratio of -2.02 and a beta of 1.92. The business’s 50-day simple moving average is $3.03 and its 200-day simple moving average is $2.15.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.14). The firm had revenue of $18.84 million during the quarter, compared to analyst estimates of $17.82 million. As a group, analysts predict that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Trading of ADC Therapeutics

A number of large investors have recently made changes to their positions in ADCT. Cerity Partners LLC acquired a new stake in shares of ADC Therapeutics in the 1st quarter valued at about $25,000. Atria Wealth Solutions Inc. acquired a new stake in shares of ADC Therapeutics in the 1st quarter valued at about $28,000. Two Sigma Securities LLC acquired a new stake in shares of ADC Therapeutics in the 4th quarter valued at about $30,000. Russell Investments Group Ltd. lifted its position in ADC Therapeutics by 122.6% during the 4th quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company’s stock worth $33,000 after acquiring an additional 9,248 shares during the period. Finally, ProShare Advisors LLC lifted its position in ADC Therapeutics by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 22,901 shares of the company’s stock worth $46,000 after acquiring an additional 7,535 shares during the period. 41.10% of the stock is owned by institutional investors and hedge funds.

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.