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

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating restated by stock analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They presently have a $8.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 438.72% from the company’s current price.

Several other research firms have also recently issued reports on ADCT. Stephens upped their price objective on ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Cantor Fitzgerald reissued an “overweight” rating on shares of ADC Therapeutics in a report on Friday, March 7th. Finally, Guggenheim restated a “buy” rating and set a $10.00 price objective on shares of ADC Therapeutics in a research 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 target price of $8.50.

ADC Therapeutics Stock Performance

Shares of ADC Therapeutics stock opened at $1.49 on Monday. The business has a 50-day simple moving average of $1.67 and a 200-day simple moving average of $2.25. ADC Therapeutics has a one year low of $1.39 and a one year high of $5.38. The company has a market cap of $143.58 million, a PE ratio of -0.62 and a beta of 1.51.

ADC Therapeutics (NYSE:ADCT) last announced its quarterly earnings data on Thursday, March 27th. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.06. The firm had revenue of $19.00 million during the quarter, compared to analysts’ expectations of $19.01 million. On average, sell-side analysts predict that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADC Therapeutics

Hedge funds have recently modified their holdings of the business. ProShare Advisors LLC increased its stake in ADC Therapeutics by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 22,901 shares of the company’s stock valued at $46,000 after purchasing an additional 7,535 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in ADC Therapeutics by 21.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,520 shares of the company’s stock worth $93,000 after acquiring an additional 8,246 shares during the period. Russell Investments Group Ltd. lifted its position in ADC Therapeutics by 122.6% during the 4th quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company’s stock worth $33,000 after acquiring an additional 9,248 shares during the period. SG Americas Securities LLC grew its stake in shares of ADC Therapeutics by 35.6% in the 4th quarter. SG Americas Securities LLC now owns 36,140 shares of the company’s stock valued at $72,000 after purchasing an additional 9,483 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of ADC Therapeutics by 6.0% in the fourth quarter. Bank of New York Mellon Corp now owns 171,993 shares of the company’s stock valued at $342,000 after purchasing an additional 9,750 shares during the period. 41.10% of the stock is currently 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.