ADC Therapeutics’ (ADCT) “Buy” Rating Reiterated at HC Wainwright

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They presently have a $8.00 target price on the stock. HC Wainwright’s price target points to a potential upside of 300.00% from the stock’s previous close.

Several other analysts have also recently weighed in on ADCT. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price target on shares of ADC Therapeutics in a report on Thursday, December 12th. Stephens assumed coverage on shares of ADC Therapeutics in a research note on Friday, November 8th. They issued an “overweight” rating and a $6.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $8.00.

ADC Therapeutics Stock Up 3.1 %

ADCT stock opened at $2.00 on Monday. The stock has a 50-day simple moving average of $2.35 and a two-hundred day simple moving average of $2.84. ADC Therapeutics has a twelve month low of $1.71 and a twelve month high of $6.04. The firm has a market capitalization of $193.38 million, a PE ratio of -0.84 and a beta of 1.55.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The business had revenue of $18.46 million for the quarter, compared to analyst estimates of $18.76 million. During the same quarter in the previous year, the company earned ($0.58) EPS. On average, equities research analysts anticipate that ADC Therapeutics will post -1.67 EPS for the current fiscal year.

Insider Activity at ADC Therapeutics

In other news, major shareholder Redmile Group, Llc sold 25,352 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $2.07, for a total transaction of $52,478.64. Following the completion of the transaction, the insider now directly owns 15,566,731 shares of the company’s stock, valued at approximately $32,223,133.17. This represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Redmile Group LLC grew its position in shares of ADC Therapeutics by 2.6% in the 3rd quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock worth $49,358,000 after buying an additional 400,000 shares during the last quarter. State Street Corp lifted its stake in ADC Therapeutics by 11.6% in the third quarter. State Street Corp now owns 1,106,011 shares of the company’s stock worth $3,484,000 after acquiring an additional 114,715 shares during the period. Geode Capital Management LLC boosted its holdings in ADC Therapeutics by 15.6% in the third quarter. Geode Capital Management LLC now owns 953,171 shares of the company’s stock valued at $3,002,000 after acquiring an additional 128,454 shares in the last quarter. Affinity Asset Advisors LLC purchased a new position in ADC Therapeutics during the 2nd quarter valued at $1,500,000. Finally, Bank of New York Mellon Corp purchased a new position in ADC Therapeutics during the 2nd quarter valued at $648,000. Hedge funds and other institutional investors 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.