ADC Therapeutics (NYSE:ADCT) Receives “Buy” Rating from HC Wainwright

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They currently have a $8.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 120.08% from the company’s previous close.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of ADC Therapeutics in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ADC Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $7.67.

ADC Therapeutics Stock Performance

Shares of ADCT opened at $3.64 on Tuesday. The company has a market capitalization of $462.34 million, a PE ratio of -3.03 and a beta of 1.83. ADC Therapeutics has a 52 week low of $1.23 and a 52 week high of $4.98. The company’s 50 day moving average price is $4.04 and its 200 day moving average price is $3.96.

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 business had revenue of $20.85 million for the quarter, compared to the consensus estimate of $19.99 million. During the same period last year, the company earned ($0.36) earnings per share. On average, equities analysts forecast that ADC Therapeutics will post -0.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ADC Therapeutics news, major shareholder Redmile Group, Llc sold 2,634,506 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $3.28, for a total value of $8,641,179.68. Following the completion of the sale, the insider directly owned 12,666,731 shares of the company’s stock, valued at $41,546,877.68. The trade was a 17.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 5,880,415 shares of company stock valued at $19,641,067 over the last ninety days. Insiders own 5.40% of the company’s stock.

Institutional Trading of ADC Therapeutics

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its stake in shares of ADC Therapeutics by 411.1% in the first quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock worth $284,000 after buying an additional 161,808 shares during the last quarter. Creative Planning acquired a new stake in shares of ADC Therapeutics in the second quarter worth $96,000. Nantahala Capital Management LLC acquired a new stake in shares of ADC Therapeutics in the second quarter worth $6,074,000. Bank of America Corp DE lifted its stake in shares of ADC Therapeutics by 22.1% in the second quarter. Bank of America Corp DE now owns 2,199,059 shares of the company’s stock worth $5,893,000 after buying an additional 397,905 shares during the last quarter. Finally, Corient Private Wealth LLC acquired a new stake in shares of ADC Therapeutics in the second quarter worth $959,000. 41.10% of the stock is owned by 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.