HC Wainwright Reiterates “Buy” Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research note issued on Monday,Benzinga reports. They currently have a $8.00 price target on the stock. HC Wainwright’s price target would indicate a potential upside of 296.04% from the stock’s current price.

A number of other research firms also recently issued reports on ADCT. Guggenheim restated a “buy” rating and set a $10.00 price objective on shares of ADC Therapeutics in a report on Thursday, December 12th. Stephens began coverage on shares of ADC Therapeutics in a research note on Friday, November 8th. They set an “overweight” rating and a $6.00 price target for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, ADC Therapeutics has a consensus rating of “Buy” and a consensus price target of $8.00.

ADC Therapeutics Stock Performance

Shares of ADCT stock opened at $2.02 on Monday. ADC Therapeutics has a 52-week low of $1.45 and a 52-week high of $6.04. The company has a 50-day simple moving average of $2.39 and a two-hundred day simple moving average of $2.85. The company has a market capitalization of $195.31 million, a price-to-earnings ratio of -0.85 and a beta of 1.52.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) 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 quarter in the prior year, the business earned ($0.58) EPS. On average, sell-side analysts forecast that ADC Therapeutics will post -1.67 EPS for the current fiscal year.

Insider Transactions at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc purchased 100,000 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the insider now directly owns 13,145,712 shares of the company’s stock, valued at approximately $39,962,964.48. The trade was a 0.77 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.10% of the company’s stock.

Institutional Trading of ADC Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in shares of ADC Therapeutics by 164.1% during the third quarter. JPMorgan Chase & Co. now owns 78,813 shares of the company’s stock valued at $248,000 after buying an additional 48,976 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in ADC Therapeutics during the 3rd quarter worth approximately $315,000. Barclays PLC lifted its stake in ADC Therapeutics by 277.4% in the 3rd quarter. Barclays PLC now owns 127,739 shares of the company’s stock worth $402,000 after purchasing an additional 93,890 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ADC Therapeutics by 15.6% in the 3rd quarter. Geode Capital Management LLC now owns 953,171 shares of the company’s stock valued at $3,002,000 after purchasing an additional 128,454 shares during the period. Finally, XTX Topco Ltd grew its position in shares of ADC Therapeutics by 102.4% during the 3rd quarter. XTX Topco Ltd now owns 115,073 shares of the company’s stock valued at $362,000 after purchasing an additional 58,210 shares in the last quarter. Hedge funds and other 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.