ADC Therapeutics (NYSE:ADCT) Trading Down 4.5% – Here’s What Happened

ADC Therapeutics SA (NYSE:ADCT)’s share price was down 4.5% during trading on Thursday . The company traded as low as $3.88 and last traded at $3.9050. Approximately 740,786 shares were traded during trading, an increase of 12% from the average daily volume of 659,677 shares. The stock had previously closed at $4.09.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADCT. Weiss Ratings reiterated a “sell (d-)” rating on shares of ADC Therapeutics in a research note on Wednesday, January 21st. HC Wainwright cut their target price on shares of ADC Therapeutics from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, October 16th. Wall Street Zen upgraded shares of ADC Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Royal Bank Of Canada restated an “outperform” rating and issued a $5.00 price target on shares of ADC Therapeutics in a research note on Wednesday, December 3rd. Finally, Guggenheim reaffirmed a “buy” rating and set a $10.00 price objective on shares of ADC Therapeutics in a research report on Wednesday, November 12th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.50.

ADC Therapeutics Stock Down 4.5%

The stock has a market capitalization of $483.74 million, a price-to-earnings ratio of -2.69 and a beta of 1.93. The stock has a fifty day moving average of $3.73 and a 200-day moving average of $3.67.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. The company had revenue of $16.43 million for the quarter, compared to analysts’ expectations of $17.08 million. On average, equities analysts forecast that ADC Therapeutics SA will post -1.69 EPS for the current fiscal year.

Hedge Funds Weigh In On ADC Therapeutics

Hedge funds have recently made changes to their positions in the company. R Squared Ltd purchased a new stake in shares of ADC Therapeutics in the 3rd quarter valued at about $59,000. Henrickson Nauta Wealth Advisors Inc. purchased a new position in ADC Therapeutics during the 4th quarter worth approximately $69,000. SG Americas Securities LLC acquired a new position in ADC Therapeutics during the fourth quarter worth approximately $86,000. Russell Investments Group Ltd. increased its position in ADC Therapeutics by 31.1% during the third quarter. Russell Investments Group Ltd. now owns 32,502 shares of the company’s stock worth $130,000 after buying an additional 7,701 shares during the period. Finally, Creative Planning purchased a new stake in ADC Therapeutics in the second quarter valued at approximately $96,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

ADC Therapeutics Company Profile

ADC Therapeutics SA is a clinical-stage biopharmaceutical company focused on the discovery and development of highly targeted antibody-drug conjugates (ADCs) designed to treat hematological malignancies such as non-Hodgkin lymphoma and acute myeloid leukemia. By marrying the specificity of monoclonal antibodies with potent cytotoxic payloads, the company aims to maximize tumor cell eradication while limiting off-target toxicity.

At the core of ADC Therapeutics’ portfolio is loncastuximab tesirine-lpyl, a CD19-directed ADC that received accelerated approval from the U.S.