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

HC Wainwright reissued their buy rating on shares of ADC Therapeutics (NYSE:ADCT) in a report issued on Monday morning,Benzinga reports. They currently have a $8.00 price objective on the stock.

Several other brokerages have also recently issued reports on ADCT. Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of ADC Therapeutics in a research note on Thursday, December 12th. Stephens initiated 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. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, ADC Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $8.00.

ADC Therapeutics Stock Performance

ADC Therapeutics stock opened at $1.96 on Monday. ADC Therapeutics has a 1 year low of $1.71 and a 1 year high of $6.04. The firm’s 50-day moving average is $2.37 and its 200-day moving average is $2.84. The company has a market cap of $189.51 million, a P/E ratio of -0.82 and a beta of 1.55.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data 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 company had revenue of $18.46 million during the quarter, compared to analyst estimates of $18.76 million. During the same period in the prior year, the company earned ($0.58) EPS. As a group, sell-side analysts predict that ADC Therapeutics will post -1.67 earnings per share for the current year.

Insider Activity at ADC Therapeutics

In other news, major shareholder Redmile Group, Llc purchased 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $3.04 per share, with a total value of $304,000.00. Following the acquisition, the insider now directly owns 13,145,712 shares of the company’s stock, valued at approximately $39,962,964.48. This trade represents a 0.77 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new position in ADC Therapeutics in the second quarter valued at about $648,000. Rhumbline Advisers acquired a new stake in shares of ADC Therapeutics in the 2nd quarter valued at approximately $272,000. Acadian Asset Management LLC bought a new position in ADC Therapeutics during the 2nd quarter worth approximately $51,000. XTX Topco Ltd grew its holdings in ADC Therapeutics by 129.0% during the second quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock valued at $180,000 after purchasing an additional 32,034 shares during the period. Finally, Affinity Asset Advisors LLC bought a new stake in ADC Therapeutics in the second quarter valued at approximately $1,500,000. 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.