ADC Therapeutics (NYSE:ADCT) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of ADC Therapeutics (NYSE:ADCT) in a report released on Monday morning, Benzinga reports. They currently have a $9.00 price objective on the stock. HC Wainwright also issued estimates for ADC Therapeutics’ Q1 2024 earnings at ($0.56) EPS, Q2 2024 earnings at ($0.58) EPS, Q3 2024 earnings at ($0.59) EPS, Q4 2024 earnings at ($0.60) EPS and FY2024 earnings at ($2.33) EPS.

A number of other research firms also recently commented on ADCT. Royal Bank of Canada reaffirmed an outperform rating and set a $8.00 price objective on shares of ADC Therapeutics in a research note on Thursday, March 14th. Guggenheim reaffirmed a buy rating on shares of ADC Therapeutics in a research note on Friday, April 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, ADC Therapeutics presently has an average rating of Hold and an average target price of $7.50.

ADC Therapeutics Trading Down 3.8 %

Shares of ADCT stock opened at $4.77 on Monday. The firm has a 50-day moving average price of $4.62 and a 200 day moving average price of $2.53. ADC Therapeutics has a twelve month low of $0.36 and a twelve month high of $6.04. The company has a market capitalization of $393.67 million, a price-to-earnings ratio of -1.63 and a beta of 1.73.

ADC Therapeutics (NYSE:ADCT) last announced its earnings results on Wednesday, March 13th. The company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.56). ADC Therapeutics had a negative net margin of 344.15% and a negative return on equity of 1,313.37%. The firm had revenue of $16.79 million during the quarter, compared to analyst estimates of $16.58 million. As a group, research analysts predict that ADC Therapeutics will post -2.19 earnings per share for the current year.

Institutional Trading of ADC Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of ADCT. Moneta Group Investment Advisors LLC increased its position in ADC Therapeutics by 112,365.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 21,933,073 shares of the company’s stock worth $84,223,000 after purchasing an additional 21,913,571 shares in the last quarter. Millennium Management LLC boosted its holdings in ADC Therapeutics by 709.3% in the 4th quarter. Millennium Management LLC now owns 3,401,120 shares of the company’s stock worth $13,060,000 after acquiring an additional 2,980,867 shares during the period. Bank of America Corp DE boosted its holdings in ADC Therapeutics by 23,287.6% in the 4th quarter. Bank of America Corp DE now owns 1,604,626 shares of the company’s stock worth $6,162,000 after acquiring an additional 1,597,765 shares during the period. Perceptive Advisors LLC purchased a new position in ADC Therapeutics in the 1st quarter worth approximately $2,917,000. Finally, Point72 Asset Management L.P. purchased a new position in ADC Therapeutics in the 4th quarter worth approximately $2,705,000. Institutional investors and hedge funds 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.