ADC Therapeutics (NYSE:ADCT) Price Target Lowered to $7.00 at Guggenheim

ADC Therapeutics (NYSE:ADCT) had its price target cut by Guggenheim from $10.00 to $7.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of ADC Therapeutics in a research note on Monday. Stephens boosted their target price on shares of ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ADC Therapeutics in a research note on Friday, March 7th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $7.75.

ADC Therapeutics Price Performance

Shares of NYSE:ADCT opened at $1.41 on Monday. The company has a market capitalization of $135.85 million, a P/E ratio of -0.59 and a beta of 1.51. ADC Therapeutics has a 1-year low of $1.28 and a 1-year high of $5.38. The firm’s 50 day simple moving average is $1.66 and its two-hundred day simple moving average is $2.24.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Thursday, March 27th. The company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.06. The firm had revenue of $19.00 million for the quarter, compared to analysts’ expectations of $19.01 million. On average, sell-side analysts anticipate that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADC Therapeutics

A number of hedge funds have recently bought and sold shares of ADCT. Kazazian Asset Management LLC bought a new stake in shares of ADC Therapeutics in the 4th quarter worth about $26,000. Two Sigma Securities LLC bought a new stake in ADC Therapeutics during the fourth quarter worth approximately $30,000. Russell Investments Group Ltd. raised its position in ADC Therapeutics by 122.6% during the fourth quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company’s stock valued at $33,000 after purchasing an additional 9,248 shares during the period. Prudential Financial Inc. bought a new stake in shares of ADC Therapeutics in the 4th quarter valued at approximately $35,000. Finally, Intech Investment Management LLC purchased a new position in shares of ADC Therapeutics in the 3rd quarter worth approximately $41,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

About ADC Therapeutics

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.