HC Wainwright Reiterates "Buy" Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT - Get Free Report)'s stock had its "buy" rating restated by equities researchers at HC Wainwright in a report issued on Monday,Benzinga reports. They currently have a $8.00 price target on the stock. HC Wainwright's price target would suggest a potential upside of 308.16% from the company's previous close.

A number of other equities analysts have also weighed in on the stock. Stephens started coverage on shares of ADC Therapeutics in a research report on Friday, November 8th. They issued an "overweight" rating and a $6.00 price objective for the company. Guggenheim reiterated a "buy" rating and issued a $10.00 price target on shares of ADC Therapeutics in a report on Thursday, December 12th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, ADC Therapeutics has an average rating of "Buy" and an average price target of $8.00.

ADC Therapeutics Stock Down 3.0 %

Shares of ADC Therapeutics stock traded down $0.06 during trading on Monday, hitting $1.96. 1,056,388 shares of the company were exchanged, compared to its average volume of 872,841. ADC Therapeutics has a fifty-two week low of $1.71 and a fifty-two week high of $6.04. The firm has a 50 day moving average price of $2.37 and a 200 day moving average price of $2.84. The stock has a market capitalization of $189.51 million, a price-to-earnings ratio of -0.82 and a beta of 1.55.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.06). The firm had revenue of $18.46 million during the quarter, compared to the consensus estimate of $18.76 million. During the same period last year, the business posted ($0.58) earnings per share. Analysts predict that ADC Therapeutics will post -1.67 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Redmile Group, Llc purchased 100,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was purchased at an average price of $3.04 per share, with a total value of $304,000.00. Following the completion of the transaction, the insider now owns 13,145,712 shares in the company, valued at approximately $39,962,964.48. The trade was a 0.77 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ADC Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Redmile Group LLC increased its position in ADC Therapeutics by 2.6% during the 3rd quarter. Redmile Group LLC now owns 15,669,217 shares of the company's stock worth $49,358,000 after purchasing an additional 400,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of ADC Therapeutics by 10.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 194,258 shares of the company's stock valued at $612,000 after acquiring an additional 18,796 shares during the period. Affinity Asset Advisors LLC acquired a new position in shares of ADC Therapeutics during the 2nd quarter valued at $1,500,000. State Street Corp boosted its position in ADC Therapeutics by 11.6% during the 3rd quarter. State Street Corp now owns 1,106,011 shares of the company's stock worth $3,484,000 after purchasing an additional 114,715 shares during the period. Finally, Barclays PLC increased its holdings in ADC Therapeutics by 277.4% in the 3rd quarter. Barclays PLC now owns 127,739 shares of the company's stock valued at $402,000 after purchasing an additional 93,890 shares in the last quarter. 41.10% of the stock is owned by institutional investors and hedge funds.

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.