ADC Therapeutics (NYSE:ADCT) Earns Buy Rating from HC Wainwright

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $8.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 296.04% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Stephens began coverage on shares of ADC Therapeutics in a research report on Friday, November 8th. They set an “overweight” rating and a $6.00 price target on the stock. Guggenheim reaffirmed a “buy” rating and set a $10.00 target price on shares of ADC Therapeutics in a report on Thursday, December 12th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $8.00.

ADC Therapeutics Price Performance

Shares of ADC Therapeutics stock opened at $2.02 on Monday. The company has a 50 day simple moving average of $2.39 and a two-hundred day simple moving average of $2.85. The firm has a market cap of $195.31 million, a PE ratio of -0.85 and a beta of 1.52. ADC Therapeutics has a 1 year low of $1.45 and a 1 year high of $6.04.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). The business had revenue of $18.46 million during the quarter, compared to analyst estimates of $18.76 million. During the same quarter last year, the firm earned ($0.58) EPS. As a group, research analysts anticipate that ADC Therapeutics will post -1.67 earnings per share for the current year.

Insider Transactions at ADC Therapeutics

In other ADC Therapeutics news, major shareholder Redmile Group, Llc sold 25,352 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now owns 15,566,731 shares of the company’s stock, valued at $32,223,133.17. This represents a 0.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On ADC Therapeutics

Several hedge funds have recently made changes to their positions in the business. Affinity Asset Advisors LLC bought a new stake in ADC Therapeutics in the second quarter valued at $1,500,000. Redmile Group LLC boosted its stake in shares of ADC Therapeutics by 2.6% during the 3rd quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock valued at $49,358,000 after purchasing an additional 400,000 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of ADC Therapeutics during the second quarter valued at about $648,000. Wellington Management Group LLP bought a new position in ADC Therapeutics in the third quarter worth about $531,000. Finally, Geode Capital Management LLC boosted its position in ADC Therapeutics by 15.6% during the 3rd quarter. Geode Capital Management LLC now owns 953,171 shares of the company’s stock valued at $3,002,000 after acquiring an additional 128,454 shares in the last quarter. 41.10% of the stock is owned by hedge funds and other institutional investors.

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.