HC Wainwright Lowers ADC Therapeutics (NYSE:ADCT) Price Target to $8.00

ADC Therapeutics (NYSE:ADCT) had its price target cut by HC Wainwright from $9.00 to $8.00 in a report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently issued reports on the company. Guggenheim reaffirmed a buy rating on shares of ADC Therapeutics in a report on Friday, April 5th. Royal Bank of Canada reiterated an outperform rating and set a $8.00 price target on shares of ADC Therapeutics in a report on Thursday, March 14th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $7.25.

ADC Therapeutics Stock Performance

ADC Therapeutics stock opened at $4.58 on Tuesday. ADC Therapeutics has a 52 week low of $0.36 and a 52 week high of $6.04. The stock has a market capitalization of $379.27 million, a P/E ratio of -1.56 and a beta of 1.69. The stock has a fifty day moving average of $4.57 and a 200-day moving average of $2.91.

ADC Therapeutics (NYSE:ADCT) last issued 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). ADC Therapeutics had a negative return on equity of 1,313.37% and a negative net margin of 344.15%. The business had revenue of $18.05 million during the quarter, compared to analysts’ expectations of $18.19 million. During the same quarter in the prior year, the firm earned ($0.74) EPS. On average, research analysts forecast that ADC Therapeutics will post -2.2 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ameet Mallik sold 29,731 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $4.48, for a total value of $133,194.88. Following the sale, the chief executive officer now owns 1,167,348 shares in the company, valued at approximately $5,229,719.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 35.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On ADC Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. increased its holdings in ADC Therapeutics by 7.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock worth $317,000 after acquiring an additional 4,700 shares during the last quarter. Saxony Capital Management LLC bought a new position in shares of ADC Therapeutics in the fourth quarter worth approximately $34,000. Redmile Group LLC grew its position in ADC Therapeutics by 0.9% during the third quarter. Redmile Group LLC now owns 14,178,045 shares of the company’s stock valued at $12,718,000 after acquiring an additional 128,110 shares during the last quarter. Acadian Asset Management LLC grew its position in ADC Therapeutics by 613.8% during the third quarter. Acadian Asset Management LLC now owns 156,048 shares of the company’s stock valued at $138,000 after acquiring an additional 134,186 shares during the last quarter. Finally, Affinity Asset Advisors LLC boosted its stake in shares of ADC Therapeutics by 83.3% during 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 period. 41.10% of the stock is owned by institutional investors.

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.