ADC Therapeutics (NYSE:ADCT) Stock Price Expected to Rise, Guggenheim Analyst Says

ADC Therapeutics (NYSE:ADCT) had its price target raised by Guggenheim from $7.00 to $10.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

ADCT has been the topic of a number of other research reports. Royal Bank of Canada restated an “outperform” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a report on Thursday, May 15th. Stephens increased their price objective on ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a report on Monday, March 31st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of ADC Therapeutics in a report on Friday, March 7th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $8.50.

ADC Therapeutics Price Performance

Shares of ADCT opened at $3.62 on Friday. The company has a market capitalization of $358.53 million, a price-to-earnings ratio of -1.51 and a beta of 1.96. ADC Therapeutics has a fifty-two week low of $1.05 and a fifty-two week high of $4.13. The business’s 50-day moving average is $2.00 and its 200-day moving average is $1.88.

ADC Therapeutics (NYSE:ADCT) last issued its earnings results on Wednesday, May 14th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.02. The business had revenue of $23.03 million during the quarter, compared to analyst estimates of $17.71 million. Equities research analysts expect that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADC Therapeutics

A number of large investors have recently added to or reduced their stakes in ADCT. SG Americas Securities LLC boosted its position in ADC Therapeutics by 35.6% during the fourth quarter. SG Americas Securities LLC now owns 36,140 shares of the company’s stock worth $72,000 after purchasing an additional 9,483 shares during the period. Rhumbline Advisers boosted its position in ADC Therapeutics by 15.6% during the fourth quarter. Rhumbline Advisers now owns 110,037 shares of the company’s stock worth $219,000 after purchasing an additional 14,848 shares during the period. Bank of New York Mellon Corp boosted its position in ADC Therapeutics by 6.0% during the fourth quarter. Bank of New York Mellon Corp now owns 171,993 shares of the company’s stock worth $342,000 after purchasing an additional 9,750 shares during the period. Intech Investment Management LLC boosted its position in ADC Therapeutics by 195.7% during the fourth quarter. Intech Investment Management LLC now owns 38,435 shares of the company’s stock worth $76,000 after purchasing an additional 25,437 shares during the period. Finally, Platinum Investment Management Ltd. boosted its position in ADC Therapeutics by 11.6% during the fourth quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock worth $3,209,000 after purchasing an additional 168,040 shares during the period. 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.