ADC Therapeutics (NYSE:ADCT) Announces Earnings Results

ADC Therapeutics (NYSE:ADCT) released its quarterly earnings data on Monday. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10, Zacks reports. The business had revenue of $16.43 million for the quarter, compared to analyst estimates of $17.08 million.

ADC Therapeutics Trading Down 5.6%

Shares of ADCT stock opened at $3.97 on Wednesday. The business’s 50 day moving average is $3.92 and its two-hundred day moving average is $3.16. ADC Therapeutics has a twelve month low of $1.05 and a twelve month high of $4.80. The company has a market capitalization of $447.08 million, a P/E ratio of -2.74 and a beta of 1.98.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ADCT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a report on Wednesday, October 8th. HC Wainwright dropped 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 report on Thursday, October 16th. Guggenheim reiterated a “buy” rating on shares of ADC Therapeutics in a research note on Wednesday. Finally, Wall Street Zen downgraded shares of ADC Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Four equities research 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $7.50.

Hedge Funds Weigh In On ADC Therapeutics

Institutional investors have recently bought and sold shares of the company. Creative Planning purchased a new position in ADC Therapeutics during the 2nd quarter worth $96,000. AQR Capital Management LLC raised its holdings in ADC Therapeutics by 411.1% during the first quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock worth $284,000 after purchasing an additional 161,808 shares in the last quarter. Corient Private Wealth LLC acquired a new stake in ADC Therapeutics in the second quarter valued at about $959,000. JPMorgan Chase & Co. boosted its holdings in ADC Therapeutics by 865.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 330,597 shares of the company’s stock valued at $1,322,000 after purchasing an additional 296,350 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in ADC Therapeutics by 6.0% during the 3rd quarter. Vanguard Group Inc. now owns 593,954 shares of the company’s stock worth $2,376,000 after purchasing an additional 33,431 shares during the period. 41.10% of the stock is owned by institutional investors and hedge funds.

ADC Therapeutics Company Profile

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.