ADC Therapeutics (NYSE:ADCT) Price Target Cut to $8.00

ADC Therapeutics (NYSE:ADCT) had its price objective cut by equities researchers at HC Wainwright from $9.00 to $8.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 80.59% from the stock’s current price.

Other analysts also recently issued reports about the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a report on Thursday, March 14th. Guggenheim reissued a “buy” rating on shares of ADC Therapeutics in a research report on Friday, April 5th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.25.

ADC Therapeutics Stock Down 8.3 %

Shares of ADCT stock opened at $4.43 on Tuesday. The company has a market capitalization of $366.85 million, a price-to-earnings ratio of -1.51 and a beta of 1.69. ADC Therapeutics has a 12-month low of $0.36 and a 12-month high of $6.04. The firm has a fifty day moving average of $4.58 and a 200-day moving average of $2.90.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Monday, May 6th. The company reported ($0.56) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.56). The firm had revenue of $18.05 million during 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 prior year, the company earned ($0.74) EPS. On average, equities analysts expect that ADC Therapeutics will post -2.2 EPS for the current year.

Institutional Trading of ADC Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. raised its holdings in shares of ADC Therapeutics by 7.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock valued at $317,000 after purchasing an additional 4,700 shares during the period. Saxony Capital Management LLC acquired a new stake in shares of ADC Therapeutics in the fourth quarter valued at approximately $34,000. Redmile Group LLC boosted its stake in shares of ADC Therapeutics by 0.9% during the 3rd quarter. Redmile Group LLC now owns 14,178,045 shares of the company’s stock worth $12,718,000 after acquiring an additional 128,110 shares during the period. Acadian Asset Management LLC increased its holdings in shares of ADC Therapeutics by 613.8% during the 3rd quarter. Acadian Asset Management LLC now owns 156,048 shares of the company’s stock worth $138,000 after acquiring an additional 134,186 shares during the last quarter. Finally, Affinity Asset Advisors LLC increased its holdings in shares of ADC Therapeutics by 83.3% in the third quarter. Affinity Asset Advisors LLC now owns 1,100,000 shares of the company’s stock valued at $987,000 after purchasing an additional 500,000 shares during the last quarter. Institutional investors and hedge funds 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.