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

HC Wainwright reissued their buy rating on shares of ADC Therapeutics (NYSE:ADCT) in a report released on Monday morning,Benzinga reports. The brokerage currently has a $8.00 price objective on the stock.

Other equities analysts have also issued reports about the company. Stephens upped their target price on ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Guggenheim reaffirmed a “buy” rating and issued a $10.00 target price on shares of ADC Therapeutics in a research note on Thursday, December 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of ADC Therapeutics in a research note on Friday, March 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $7.75.

ADC Therapeutics Stock Down 5.7 %

NYSE ADCT opened at $1.41 on Monday. The firm has a market cap of $135.85 million, a P/E ratio of -0.59 and a beta of 1.51. The company’s 50 day moving average is $1.66 and its 200-day moving average is $2.24. ADC Therapeutics has a 12-month low of $1.28 and a 12-month high of $5.38.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Thursday, March 27th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.06. The firm had revenue of $19.00 million during the quarter, compared to analysts’ expectations of $19.01 million. Equities analysts expect that ADC Therapeutics will post -1.69 EPS for the current year.

Hedge Funds Weigh In On ADC Therapeutics

A number of large investors have recently added to or reduced their stakes in the business. Redmile Group LLC boosted its position in ADC Therapeutics by 2.6% during the third quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock valued at $49,358,000 after buying an additional 400,000 shares during the period. Orbimed Advisors LLC lifted its stake in shares of ADC Therapeutics by 31.6% in the 4th quarter. Orbimed Advisors LLC now owns 5,968,451 shares of the company’s stock valued at $11,877,000 after acquiring an additional 1,434,650 shares during the last quarter. Woodline Partners LP purchased a new stake in ADC Therapeutics during the 4th quarter valued at about $3,848,000. Platinum Investment Management Ltd. grew its position in ADC Therapeutics by 11.6% during the 4th quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock worth $3,209,000 after acquiring an additional 168,040 shares during the last quarter. Finally, State Street Corp increased its stake in ADC Therapeutics by 11.6% in the 3rd quarter. State Street Corp now owns 1,106,011 shares of the company’s stock worth $3,484,000 after purchasing an additional 114,715 shares during the period. 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.