ADC Therapeutics (NYSE:ADCT) Shares Gap Up on Analyst Upgrade

ADC Therapeutics SA (NYSE:ADCT) shares gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $3.86, but opened at $4.10. HC Wainwright currently has a buy rating on the stock. ADC Therapeutics shares last traded at $4.00, with a volume of 76,189 shares traded.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC lifted its holdings in ADC Therapeutics by 411.1% during the 1st quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock valued at $284,000 after buying an additional 161,808 shares in the last quarter. Creative Planning bought a new position in ADC Therapeutics in the 2nd quarter worth about $96,000. Panagora Asset Management Inc. grew its stake in ADC Therapeutics by 400.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company’s stock worth $727,000 after acquiring an additional 217,173 shares in the last quarter. Stempoint Capital LP purchased a new position in shares of ADC Therapeutics during the second quarter worth approximately $759,000. Finally, Nantahala Capital Management LLC purchased a new position in shares of ADC Therapeutics during the second quarter worth approximately $6,074,000. 41.10% of the stock is currently owned by institutional investors.

ADC Therapeutics Stock Up 2.5%

The stock has a market cap of $502.44 million, a P/E ratio of -3.31 and a beta of 1.91. The company’s 50 day moving average price is $3.99 and its two-hundred day moving average price is $3.93.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Tuesday, March 10th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.28. The firm had revenue of $23.06 million during the quarter, compared to the consensus estimate of $22.29 million. As a group, equities research analysts forecast that ADC Therapeutics SA will post -1.69 earnings per share for the current year.

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.