ADC Therapeutics (NYSE:ADCT) Trading Down 6.3% – What’s Next?

ADC Therapeutics SA (NYSE:ADCT) dropped 6.3% during trading on Monday . The company traded as low as $1.26 and last traded at $1.2650. 658,025 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 1,431,881 shares. The stock had previously closed at $1.35.

Analyst Ratings Changes

Several equities analysts recently weighed in on ADCT shares. Royal Bank Of Canada downgraded shares of ADC Therapeutics from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $6.00 to $2.00 in a report on Thursday, June 4th. Weiss Ratings restated a “sell (d-)” rating on shares of ADC Therapeutics in a research note on Friday. Stephens reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of ADC Therapeutics in a report on Thursday, June 4th. HC Wainwright lowered shares of ADC Therapeutics from a “buy” rating to a “neutral” rating in a research note on Monday, June 8th. Finally, Wall Street Zen cut shares of ADC Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.25.

ADC Therapeutics Trading Down 6.3%

The firm has a market cap of $160.90 million, a price-to-earnings ratio of -1.20 and a beta of 1.87. The company has a fifty day moving average price of $1.90 and a 200-day moving average price of $3.20.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Monday, May 4th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The company had revenue of $20.85 million during the quarter, compared to analysts’ expectations of $19.99 million. During the same quarter last year, the business posted ($0.36) earnings per share. As a group, research analysts forecast that ADC Therapeutics SA will post -0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADC Therapeutics

Several institutional investors have recently made changes to their positions in the company. Eventide Asset Management LLC acquired a new position in shares of ADC Therapeutics in the 4th quarter valued at $11,875,000. Nantahala Capital Management LLC grew its position in ADC Therapeutics by 141.6% during the fourth quarter. Nantahala Capital Management LLC now owns 5,475,433 shares of the company’s stock valued at $19,328,000 after buying an additional 3,209,144 shares during the period. TCG Crossover Management LLC acquired a new stake in ADC Therapeutics during the third quarter valued at $5,561,000. Lynx1 Capital Management LP purchased a new position in ADC Therapeutics in the third quarter valued at $5,303,000. Finally, Prosight Management LP increased its holdings in ADC Therapeutics by 13.5% in the fourth quarter. Prosight Management LP now owns 8,477,338 shares of the company’s stock valued at $29,925,000 after buying an additional 1,005,035 shares in the last quarter. 41.10% of the stock is owned by hedge funds and other institutional investors.

About ADC Therapeutics

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.