ADC Therapeutics (NYSE:ADCT) Price Target Lowered to $8.00 at HC Wainwright

ADC Therapeutics (NYSE:ADCT) had its price objective lowered by HC Wainwright from $9.00 to $8.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

ADCT has been the subject of a number of other reports. Guggenheim restated a buy rating on shares of ADC Therapeutics in a report on Friday, April 5th. Royal Bank of Canada reissued an outperform rating and set a $8.00 price objective on shares of ADC Therapeutics in a research note on Thursday, March 14th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, ADC Therapeutics currently has a consensus rating of Moderate Buy and an average price target of $7.25.

ADC Therapeutics Trading Up 8.5 %

ADC Therapeutics stock opened at $4.83 on Tuesday. The company’s 50-day moving average price is $4.58 and its two-hundred day moving average price is $2.87. The stock has a market cap of $399.97 million, a price-to-earnings ratio of -1.65 and a beta of 1.69. ADC Therapeutics has a 52 week low of $0.36 and a 52 week high of $6.04.

ADC Therapeutics (NYSE:ADCT) last announced its earnings results on Monday, May 6th. The company reported ($0.56) EPS for the quarter, hitting the consensus estimate of ($0.56). The firm had revenue of $18.05 million for the quarter, compared to analysts’ expectations of $18.19 million. ADC Therapeutics had a negative return on equity of 1,313.37% and a negative net margin of 344.15%. During the same quarter in the previous year, the company earned ($0.74) earnings per share. Research analysts expect that ADC Therapeutics will post -2.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADC Therapeutics

Several hedge funds have recently made changes to their positions in ADCT. Saxony Capital Management LLC acquired a new stake in ADC Therapeutics during the 4th quarter valued at $34,000. Acadian Asset Management LLC raised its position in ADC Therapeutics by 613.8% during the third quarter. Acadian Asset Management LLC now owns 156,048 shares of the company’s stock valued at $138,000 after buying an additional 134,186 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in ADC Therapeutics by 7.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock worth $317,000 after acquiring an additional 4,700 shares in the last quarter. Affinity Asset Advisors LLC lifted its stake in ADC Therapeutics by 83.3% in the 3rd quarter. Affinity Asset Advisors LLC now owns 1,100,000 shares of the company’s stock worth $987,000 after acquiring an additional 500,000 shares in the last quarter. Finally, Redmile Group LLC grew its stake in ADC Therapeutics by 0.9% during the 3rd quarter. Redmile Group LLC now owns 14,178,045 shares of the company’s stock valued at $12,718,000 after acquiring an additional 128,110 shares in the last quarter. Hedge funds and other institutional investors own 41.10% of the company’s stock.

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.