HC Wainwright Comments on ADC Therapeutics SA’s Q1 2024 Earnings (NYSE:ADCT)

ADC Therapeutics SA (NYSE:ADCT) – Investment analysts at HC Wainwright cut their Q1 2024 earnings per share estimates for shares of ADC Therapeutics in a research note issued on Monday, April 15th. HC Wainwright analyst R. Burns now expects that the company will earn ($0.56) per share for the quarter, down from their prior estimate of ($0.54). HC Wainwright currently has a “Buy” rating and a $9.00 target price on the stock. The consensus estimate for ADC Therapeutics’ current full-year earnings is ($2.19) per share. HC Wainwright also issued estimates for ADC Therapeutics’ Q2 2024 earnings at ($0.58) EPS, Q3 2024 earnings at ($0.59) EPS, Q4 2024 earnings at ($0.60) EPS and FY2024 earnings at ($2.33) EPS.

ADCT has been the subject of several other reports. Royal Bank of Canada restated an “outperform” rating and set a $8.00 price objective on shares of ADC Therapeutics in a research report on Thursday, March 14th. Guggenheim restated a “buy” rating on shares of ADC Therapeutics in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, ADC Therapeutics has a consensus rating of “Hold” and an average target price of $7.50.

ADC Therapeutics Stock Performance

NYSE:ADCT opened at $4.93 on Thursday. The stock has a fifty day moving average price of $4.61 and a 200-day moving average price of $2.51. The company has a market cap of $406.87 million, a price-to-earnings ratio of -1.68 and a beta of 1.73. ADC Therapeutics has a fifty-two week low of $0.36 and a fifty-two week high of $6.04.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Wednesday, March 13th. The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.56). The company had revenue of $16.79 million for the quarter, compared to the consensus estimate of $16.58 million. ADC Therapeutics had a negative net margin of 344.15% and a negative return on equity of 1,313.37%.

Hedge Funds Weigh In On ADC Therapeutics

Several large investors have recently bought and sold shares of ADCT. Advisor Group Holdings Inc. raised its position in ADC Therapeutics by 1,270.5% in the first quarter. Advisor Group Holdings Inc. now owns 3,248 shares of the company’s stock valued at $47,000 after purchasing an additional 3,011 shares during the last quarter. BlackRock Inc. raised its position in ADC Therapeutics by 3.5% in the first quarter. BlackRock Inc. now owns 304,229 shares of the company’s stock valued at $4,469,000 after purchasing an additional 10,372 shares during the last quarter. Allianz Asset Management GmbH raised its position in ADC Therapeutics by 16.9% in the first quarter. Allianz Asset Management GmbH now owns 67,810 shares of the company’s stock valued at $997,000 after purchasing an additional 9,780 shares during the last quarter. Employees Retirement System of Texas raised its position in ADC Therapeutics by 12.2% in the first quarter. Employees Retirement System of Texas now owns 312,000 shares of the company’s stock valued at $4,583,000 after purchasing an additional 34,000 shares during the last quarter. Finally, Walleye Capital LLC raised its position in ADC Therapeutics by 446.1% in the first quarter. Walleye Capital LLC now owns 248,354 shares of the company’s stock valued at $3,648,000 after purchasing an additional 202,876 shares during the last quarter. 41.10% of the stock is currently owned by 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.