HC Wainwright Reaffirms “Buy” Rating for ADC Therapeutics (NYSE:ADCT)

HC Wainwright restated their buy rating on shares of ADC Therapeutics (NYSE:ADCT) in a research note published on Thursday, Benzinga reports. HC Wainwright currently has a $8.00 price target on the stock.

A number of other research analysts have also weighed in on the company. Royal Bank of Canada reaffirmed an outperform rating and set a $8.00 target price on shares of ADC Therapeutics in a report on Wednesday, August 7th. Cantor Fitzgerald assumed coverage on ADC Therapeutics in a report on Thursday, May 30th. They set an overweight rating for the company. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, ADC Therapeutics presently has a consensus rating of Moderate Buy and an average price target of $9.00.

ADC Therapeutics Stock Performance

Shares of ADCT opened at $2.66 on Thursday. The business has a 50-day moving average of $3.25 and a 200 day moving average of $3.95. ADC Therapeutics has a fifty-two week low of $0.36 and a fifty-two week high of $6.04. The firm has a market cap of $220.19 million, a P/E ratio of -0.97 and a beta of 1.59.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.06. The company had revenue of $17.41 million for the quarter, compared to analysts’ expectations of $19.06 million. During the same period in the previous year, the firm earned ($0.58) EPS. As a group, research analysts predict that ADC Therapeutics will post -1.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Redmile Group, Llc acquired 400,000 shares of the stock in a transaction dated Monday, July 1st. The shares were 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 in the company, valued at approximately $36,516,062.40. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.05% of the company’s stock.

Hedge Funds Weigh In On ADC Therapeutics

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in ADC Therapeutics in the second quarter worth approximately $648,000. Sanibel Captiva Trust Company Inc. purchased a new stake in shares of ADC Therapeutics in the 1st quarter valued at $462,000. Rhumbline Advisers bought a new position in shares of ADC Therapeutics during the 2nd quarter valued at $272,000. Saxony Capital Management LLC purchased a new position in ADC Therapeutics in the 4th quarter worth $34,000. Finally, Acadian Asset Management LLC bought a new stake in ADC Therapeutics in the second quarter worth $51,000. 41.10% of the stock is owned by hedge funds and other 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.