Guggenheim Reaffirms Buy Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating restated by stock analysts at Guggenheim in a research note issued to investors on Friday, Marketbeat reports. They currently have a $10.00 price target on the stock, up from their previous price target of $7.00. Guggenheim’s price objective points to a potential upside of 205.34% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Stephens upped their price target 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 restated an “overweight” rating on shares of ADC Therapeutics in a report on Friday, March 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Thursday, May 15th. Finally, HC Wainwright restated a “buy” rating and set a $8.00 price target on shares of ADC Therapeutics in a report on Monday, March 31st. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.50.

ADC Therapeutics Price Performance

Shares of NYSE:ADCT traded down $0.31 during midday trading on Friday, hitting $3.28. The company had a trading volume of 766,423 shares, compared to its average volume of 512,643. The company has a market cap of $324.81 million, a price-to-earnings ratio of -1.37 and a beta of 1.96. ADC Therapeutics has a 12-month low of $1.05 and a 12-month high of $4.13. The company has a fifty day moving average of $2.00 and a two-hundred day moving average of $1.87.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Wednesday, May 14th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.02. The business had revenue of $23.03 million during the quarter, compared to analysts’ expectations of $17.71 million. Research analysts expect that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Trading of ADC Therapeutics

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC lifted its stake in shares of ADC Therapeutics by 35.6% during the fourth quarter. SG Americas Securities LLC now owns 36,140 shares of the company’s stock valued at $72,000 after buying an additional 9,483 shares during the period. Rhumbline Advisers lifted its position in ADC Therapeutics by 15.6% during the fourth quarter. Rhumbline Advisers now owns 110,037 shares of the company’s stock worth $219,000 after buying an additional 14,848 shares during the period. Bank of New York Mellon Corp grew its holdings in ADC Therapeutics by 6.0% in the 4th quarter. Bank of New York Mellon Corp now owns 171,993 shares of the company’s stock valued at $342,000 after buying an additional 9,750 shares during the period. Intech Investment Management LLC lifted its holdings in shares of ADC Therapeutics by 195.7% during the 4th quarter. Intech Investment Management LLC now owns 38,435 shares of the company’s stock worth $76,000 after acquiring an additional 25,437 shares during the period. Finally, Platinum Investment Management Ltd. boosted its position in shares of ADC Therapeutics by 11.6% in the fourth quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock worth $3,209,000 after acquiring an additional 168,040 shares during the last quarter. Institutional investors and hedge funds 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.