Guggenheim Reaffirms “Buy” Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating reissued by Guggenheim in a research note issued on Thursday,Benzinga reports. They currently have a $10.00 price objective on the stock. Guggenheim’s price objective suggests a potential upside of 429.10% from the stock’s current price.

Several other equities research analysts have also recently commented on the stock. Stephens began coverage on shares of ADC Therapeutics in a research report on Friday, November 8th. They issued an “overweight” rating and a $6.00 price target on the stock. HC Wainwright reiterated a “buy” rating on shares of ADC Therapeutics in a report on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $8.00.

ADC Therapeutics Trading Down 4.5 %

Shares of NYSE:ADCT opened at $1.89 on Thursday. ADC Therapeutics has a twelve month low of $1.18 and a twelve month high of $6.04. The firm has a market cap of $182.74 million, a P/E ratio of -0.79 and a beta of 1.52. The company has a 50 day moving average of $2.70 and a 200-day moving average of $2.99.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) 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 analysts’ expectations of $18.76 million. During the same period in the prior year, the firm posted ($0.58) earnings per share. Equities research analysts forecast that ADC Therapeutics will post -1.67 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Redmile Group, Llc sold 25,352 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $2.07, for a total value of $52,478.64. Following the completion of the sale, the insider now directly owns 15,566,731 shares of the company’s stock, valued at $32,223,133.17. This represents a 0.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ADC Therapeutics

Several large investors have recently made changes to their positions in ADCT. Sanibel Captiva Trust Company Inc. raised its position in ADC Therapeutics by 9.7% during the second quarter. Sanibel Captiva Trust Company Inc. now owns 113,000 shares of the company’s stock valued at $357,000 after acquiring an additional 10,000 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of ADC Therapeutics during the 2nd quarter valued at $33,000. Intech Investment Management LLC acquired a new stake in shares of ADC Therapeutics in the 3rd quarter valued at $41,000. Acadian Asset Management LLC bought a new stake in ADC Therapeutics in the second quarter worth $51,000. Finally, Readystate Asset Management LP acquired a new position in ADC Therapeutics during the third quarter worth $54,000. 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.