ADC Therapeutics (NYSE:ADCT) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of ADC Therapeutics (NYSE:ADCT) from a hold rating to a sell rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “ADC Therapeutics SA is a late clinical-stage oncology-focused biotechnology company. It engages in development and commercialization of antibody drug conjugates for patients suffering from hematological malignancies and solid tumors. ADC Therapeutics SA is based in LAUSANNE, Switzerland. “

A number of other brokerages have also recently weighed in on ADCT. Cantor Fitzgerald initiated coverage on ADC Therapeutics in a report on Tuesday, June 15th. They set an overweight rating and a $46.00 price objective on the stock. HC Wainwright decreased their price target on ADC Therapeutics from $57.00 to $55.00 and set a buy rating on the stock in a research note on Friday, May 14th. Finally, Morgan Stanley decreased their price target on ADC Therapeutics from $53.00 to $51.00 and set an overweight rating on the stock in a research note on Friday, July 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $44.20.

Shares of ADCT opened at $22.51 on Wednesday. The company has a quick ratio of 9.50, a current ratio of 9.50 and a debt-to-equity ratio of 0.29. The firm’s 50-day simple moving average is $22.79. ADC Therapeutics has a 12-month low of $20.01 and a 12-month high of $53.35.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings results on Wednesday, May 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.00) by $0.54. On average, equities analysts forecast that ADC Therapeutics will post -3.46 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. US Bancorp DE bought a new stake in ADC Therapeutics in the first quarter worth $44,000. SG Americas Securities LLC bought a new stake in ADC Therapeutics in the first quarter worth $122,000. Henry James International Management Inc. bought a new stake in ADC Therapeutics in the first quarter worth $366,000. Moneta Group Investment Advisors LLC bought a new stake in ADC Therapeutics in the first quarter worth $476,000. Finally, Voloridge Investment Management LLC purchased a new position in shares of ADC Therapeutics in the first quarter worth $800,000. Institutional investors own 47.62% of the company’s stock.

ADC Therapeutics Company Profile

ADC Therapeutics SA, a clinical-stage oncology-focused biotechnology company, develops antibody drug conjugates (ADC) for patients suffering from hematological malignancies and solid tumors. Its lead product candidates are loncastuximab tesirine (ADCT-402), an ADC that is in a Phase II clinical trial for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma, and Phase III clinical trial in combination with rituximab to treat relapsed or refractory DLBCL, as well as Phase I/II clinical trial in combination with ibrutinib for relapsed or refractory DLBCL and mantle cell lymphoma; and camidanlumab tesirine (ADCT-301), an ADC that is in a pivotal Phase II clinical trial for the treatment of relapsed or refractory Hodgkin lymphoma and non-Hodgkin lymphoma, and Phase Ib clinical trial for selected advanced solid tumors.

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