ADC Therapeutics (NYSE:ADCT) Announces Earnings Results

ADC Therapeutics (NYSE:ADCT) posted its quarterly earnings results on Tuesday. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.06, Yahoo Finance reports. The company had revenue of $17.41 million during the quarter, compared to analyst estimates of $19.06 million. During the same quarter in the prior year, the business earned ($0.58) earnings per share.

ADC Therapeutics Trading Up 0.7 %

ADCT stock traded up $0.02 during trading on Thursday, hitting $2.76. 87,513 shares of the stock traded hands, compared to its average volume of 748,482. ADC Therapeutics has a one year low of $0.36 and a one year high of $6.04. The company has a 50 day simple moving average of $3.28 and a 200 day simple moving average of $3.93. The stock has a market cap of $228.46 million, a price-to-earnings ratio of -1.00 and a beta of 1.59.

Insider Activity at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc acquired 400,000 shares of the stock in a transaction on Monday, July 1st. The stock was purchased at an average price of $2.81 per share, for a total transaction of $1,124,000.00. Following the transaction, the insider now owns 12,995,040 shares of the company’s stock, valued at approximately $36,516,062.40. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 4.05% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on ADCT. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $8.00 price target on shares of ADC Therapeutics in a report on Wednesday. HC Wainwright restated a “buy” rating and issued a $8.00 target price on shares of ADC Therapeutics in a research note on Thursday. Finally, Cantor Fitzgerald began coverage on shares of ADC Therapeutics in a research note on Thursday, May 30th. They set an “overweight” rating on the stock. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.00.

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.