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

ADC Therapeutics (NYSE:ADCT) had its price target hoisted by HC Wainwright from $7.00 to $8.00 in a research report report published on Monday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Several other research analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a report on Wednesday, January 21st. Royal Bank Of Canada reiterated an “outperform” rating and issued a $5.00 price target on shares of ADC Therapeutics in a research note on Wednesday, December 3rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $7.67.

ADC Therapeutics Stock Performance

ADCT stock opened at $3.97 on Monday. ADC Therapeutics has a 52 week low of $1.05 and a 52 week high of $4.98. The company has a market capitalization of $504.73 million, a PE ratio of -3.31 and a beta of 1.92. The company’s 50-day simple moving average is $4.01 and its 200 day simple moving average is $3.94.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings data on Tuesday, March 10th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.28. The business had revenue of $23.06 million during the quarter, compared to analyst estimates of $22.29 million. On average, analysts forecast that ADC Therapeutics will post -1.69 EPS for the current year.

Institutional Investors Weigh In On ADC Therapeutics

A number of large investors have recently bought and sold shares of the company. Prosight Management LP raised its position in shares of ADC Therapeutics by 13.5% in the 4th quarter. Prosight Management LP now owns 8,477,338 shares of the company’s stock valued at $29,925,000 after buying an additional 1,005,035 shares in the last quarter. Nantahala Capital Management LLC lifted its holdings in shares of ADC Therapeutics by 141.6% during the 4th quarter. Nantahala Capital Management LLC now owns 5,475,433 shares of the company’s stock worth $19,328,000 after acquiring an additional 3,209,144 shares during the period. Eventide Asset Management LLC acquired a new stake in shares of ADC Therapeutics during the 4th quarter worth approximately $11,875,000. Bank of America Corp DE boosted its position in shares of ADC Therapeutics by 22.1% during the 2nd quarter. Bank of America Corp DE now owns 2,199,059 shares of the company’s stock worth $5,893,000 after acquiring an additional 397,905 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in ADC Therapeutics by 2.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,640,872 shares of the company’s stock valued at $5,792,000 after acquiring an additional 46,438 shares during the last quarter. 41.10% of the stock is currently owned by institutional investors and hedge funds.

About ADC Therapeutics

ADC Therapeutics SA is a clinical-stage biopharmaceutical company focused on the discovery and development of highly targeted antibody-drug conjugates (ADCs) designed to treat hematological malignancies such as non-Hodgkin lymphoma and acute myeloid leukemia. By marrying the specificity of monoclonal antibodies with potent cytotoxic payloads, the company aims to maximize tumor cell eradication while limiting off-target toxicity.

At the core of ADC Therapeutics’ portfolio is loncastuximab tesirine-lpyl, a CD19-directed ADC that received accelerated approval from the U.S.