Guggenheim Has Lowered Expectations for ADC Therapeutics (NYSE:ADCT) Stock Price

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

A number of other equities research analysts have also weighed in on ADCT. Stephens lifted their price objective on shares of ADC Therapeutics from $6.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a report on Friday, March 7th. Finally, HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of ADC Therapeutics in a report on Monday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, ADC Therapeutics has a consensus rating of “Buy” and an average price target of $7.75.

ADC Therapeutics Price Performance

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

ADC Therapeutics (NYSE:ADCT) last posted its quarterly earnings data on Thursday, March 27th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.06. The business had revenue of $19.00 million for the quarter, compared to analysts’ expectations of $19.01 million. As a group, equities research analysts expect that ADC Therapeutics will post -1.69 EPS for the current year.

Institutional Trading of ADC Therapeutics

A number of hedge funds have recently bought and sold shares of ADCT. Redmile Group LLC raised its position in shares of ADC Therapeutics by 2.6% in the 3rd quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock worth $49,358,000 after acquiring an additional 400,000 shares in the last quarter. Orbimed Advisors LLC raised its holdings in ADC Therapeutics by 31.6% in the fourth quarter. Orbimed Advisors LLC now owns 5,968,451 shares of the company’s stock worth $11,877,000 after purchasing an additional 1,434,650 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of ADC Therapeutics during the fourth quarter valued at about $3,848,000. Platinum Investment Management Ltd. boosted its holdings in shares of ADC Therapeutics by 11.6% in the 4th quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock valued at $3,209,000 after buying an additional 168,040 shares in the last quarter. Finally, State Street Corp grew its position in shares of ADC Therapeutics by 11.6% in the 3rd quarter. State Street Corp now owns 1,106,011 shares of the company’s stock worth $3,484,000 after buying an additional 114,715 shares during the last quarter. 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.