Cantor Fitzgerald Research Analysts Raise Earnings Estimates for ADC Therapeutics SA (NYSE:ADCT)

ADC Therapeutics SA (NYSE:ADCT) – Investment analysts at Cantor Fitzgerald boosted their FY2024 earnings per share (EPS) estimates for ADC Therapeutics in a research note issued on Wednesday, August 7th. Cantor Fitzgerald analyst E. Schmidt now expects that the company will earn ($2.04) per share for the year, up from their previous forecast of ($2.16). Cantor Fitzgerald currently has a “Overweight” rating on the stock. The consensus estimate for ADC Therapeutics’ current full-year earnings is ($1.92) per share.

ADC Therapeutics (NYSE:ADCT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.06. The business had revenue of $17.41 million for the quarter, compared to the consensus estimate of $19.06 million. During the same quarter last year, the business posted ($0.58) EPS.

A number of other equities research analysts also recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $8.00 price objective on shares of ADC Therapeutics in a research report on Thursday. 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

ADC Therapeutics Stock Performance

Shares of NYSE:ADCT opened at $2.66 on Friday. The stock has a market capitalization of $220.19 million, a price-to-earnings ratio of -0.97 and a beta of 1.59. ADC Therapeutics has a 1-year low of $0.36 and a 1-year high of $6.04. The company has a 50 day moving average price of $3.25 and a 200 day moving average price of $3.94.

Insider Buying and Selling

In other news, major shareholder Redmile Group, Llc bought 400,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were bought at an average cost of $2.81 per share, with a total value of $1,124,000.00. Following the purchase, the insider now directly owns 12,995,040 shares in the company, valued at $36,516,062.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.05% of the company’s stock.

Hedge Funds Weigh In On ADC Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ADCT. Acadian Asset Management LLC purchased a new stake in shares of ADC Therapeutics in the second quarter worth approximately $51,000. Saxony Capital Management LLC purchased a new stake in ADC Therapeutics in the 4th quarter worth approximately $34,000. Hennion & Walsh Asset Management Inc. boosted its stake in shares of ADC Therapeutics by 7.1% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock valued at $317,000 after buying an additional 4,700 shares during the period. Rhumbline Advisers purchased a new position in shares of ADC Therapeutics during the 2nd quarter valued at $272,000. Finally, Sanibel Captiva Trust Company Inc. acquired a new position in shares of ADC Therapeutics in the first quarter worth $462,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

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.