HC Wainwright Reiterates Buy Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating restated by HC Wainwright in a research note issued on Wednesday,Benzinga reports.

Separately, Stephens assumed coverage on ADC Therapeutics in a research note on Friday, November 8th. They issued an “overweight” rating and a $6.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $8.25.

ADC Therapeutics Trading Down 36.2 %

NYSE:ADCT traded down $1.26 during mid-day trading on Wednesday, reaching $2.22. 3,568,721 shares of the stock were exchanged, compared to its average volume of 684,967. The business has a fifty day moving average price of $2.76 and a 200 day moving average price of $3.01. The firm has a market capitalization of $214.65 million, a PE ratio of -0.90 and a beta of 1.52. ADC Therapeutics has a 1-year low of $0.98 and a 1-year high of $6.04.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). The company had revenue of $18.46 million during the quarter, compared to analysts’ expectations of $18.76 million. During the same quarter in the prior year, the firm posted ($0.58) earnings per share. On average, sell-side analysts forecast that ADC Therapeutics will post -1.67 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Redmile Group, Llc sold 25,352 shares of ADC Therapeutics stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $2.07, for a total transaction of $52,478.64. Following the completion of the sale, the insider now directly owns 15,566,731 shares in the company, valued at $32,223,133.17. The trade was a 0.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ADC Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC acquired a new stake in ADC Therapeutics in the 2nd quarter worth approximately $33,000. Intech Investment Management LLC bought a new position in ADC Therapeutics in the 3rd quarter worth approximately $41,000. Acadian Asset Management LLC bought a new position in ADC Therapeutics in the 2nd quarter worth approximately $51,000. Readystate Asset Management LP bought a new position in ADC Therapeutics in the 3rd quarter worth approximately $54,000. Finally, SG Americas Securities LLC bought a new position in ADC Therapeutics in the 3rd quarter worth approximately $84,000. 41.10% of the stock is currently 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.