ADC Therapeutics (NYSE:ADCT) Trading 0.5% Higher

Shares of ADC Therapeutics SA (NYSE:ADCT) shot up 0.5% on Wednesday . The stock traded as high as $3.01 and last traded at $2.95. 156,552 shares changed hands during trading, a decline of 78% from the average session volume of 697,936 shares. The stock had previously closed at $2.93.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADCT. HC Wainwright restated a “buy” rating and issued a $8.00 target price on shares of ADC Therapeutics in a report on Thursday, August 8th. Cantor Fitzgerald initiated coverage on shares of ADC Therapeutics in a research note on Thursday, May 30th. They set an “overweight” rating for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $8.00 target price on shares of ADC Therapeutics in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

ADC Therapeutics Price Performance

The business’s 50-day simple moving average is $3.14 and its two-hundred day simple moving average is $3.76. The stock has a market capitalization of $243.78 million, a price-to-earnings ratio of -1.07 and a beta of 1.58.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.06. The business had revenue of $17.41 million for the quarter, compared to analyst estimates of $19.06 million. During the same quarter in the previous year, the firm posted ($0.58) EPS. As a group, sell-side analysts expect that ADC Therapeutics SA will post -1.69 EPS for the current year.

Insider Activity

In other news, major shareholder Redmile Group, Llc acquired 400,000 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were bought at an average price of $2.81 per share, for a total transaction of $1,124,000.00. Following the completion of the purchase, the insider now directly owns 12,995,040 shares of the company’s stock, valued at approximately $36,516,062.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.05% of the company’s stock.

Institutional Trading of ADC Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC bought a new stake in ADC Therapeutics in the second quarter valued at about $33,000. The Manufacturers Life Insurance Company acquired a new position in shares of ADC Therapeutics in the 2nd quarter worth approximately $85,000. Affinity Asset Advisors LLC bought a new stake in shares of ADC Therapeutics in the 2nd quarter valued at approximately $1,500,000. XTX Topco Ltd raised its position in shares of ADC Therapeutics by 129.0% during the 2nd quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock valued at $180,000 after acquiring an additional 32,034 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of ADC Therapeutics during the 2nd quarter valued at approximately $51,000. 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.