ADC Therapeutics (NYSE:ADCT) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

ADC Therapeutics (NYSE:ADCT) posted its quarterly earnings data on Wednesday. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.02, Zacks reports. The business had revenue of $23.03 million during the quarter, compared to analysts’ expectations of $17.71 million.

ADC Therapeutics Trading Down 6.1%

Shares of NYSE:ADCT opened at $1.70 on Friday. The company has a market capitalization of $168.60 million, a PE ratio of -0.71 and a beta of 1.54. ADC Therapeutics has a twelve month low of $1.05 and a twelve month high of $4.30. The firm has a 50 day simple moving average of $1.42 and a 200-day simple moving average of $1.83.

Hedge Funds Weigh In On ADC Therapeutics

An institutional investor recently raised its position in ADC Therapeutics stock. AQR Capital Management LLC increased its stake in shares of ADC Therapeutics SA (NYSE:ADCT) by 411.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 201,170 shares of the company’s stock after buying an additional 161,808 shares during the quarter. AQR Capital Management LLC owned about 0.20% of ADC Therapeutics worth $284,000 at the end of the most recent quarter. 41.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADCT has been the subject of several recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research note on Thursday. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price objective on shares of ADC Therapeutics in a research report on Monday, March 31st. Guggenheim lowered their target price on shares of ADC Therapeutics from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Cantor Fitzgerald reissued an “overweight” rating on shares of ADC Therapeutics in a report on Friday, March 7th. Finally, Stephens lifted their price target on ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $7.75.

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.