Royal Bank Of Canada Has Lowered Expectations for ADC Therapeutics (NYSE:ADCT) Stock Price

ADC Therapeutics (NYSE:ADCT) had its price objective reduced by Royal Bank Of Canada from $8.00 to $5.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would indicate a potential upside of 68.63% from the company’s current price.

ADCT has been the subject of several other reports. HC Wainwright restated a “buy” rating and issued a $8.00 target price on shares of ADC Therapeutics in a report on Monday, March 31st. Guggenheim reissued a “buy” rating and issued a $10.00 price target (up previously from $7.00) on shares of ADC Therapeutics in a research report on Friday, June 13th. Stephens upped their price objective on shares of ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a research note on Friday, March 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ADC Therapeutics has an average rating of “Buy” and an average target price of $7.75.

ADC Therapeutics Price Performance

NYSE:ADCT traded down $0.07 during mid-day trading on Friday, reaching $2.97. The stock had a trading volume of 271,754 shares, compared to its average volume of 619,351. The stock has a market cap of $294.07 million, a P/E ratio of -2.07 and a beta of 1.96. The business’s 50 day moving average is $2.17 and its 200 day moving average is $1.90. ADC Therapeutics has a fifty-two week low of $1.05 and a fifty-two week high of $4.13.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Wednesday, May 14th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.02. The business had revenue of $23.03 million during the quarter, compared to the consensus estimate of $17.71 million. Equities analysts expect that ADC Therapeutics will post -1.69 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Kazazian Asset Management LLC acquired a new position in shares of ADC Therapeutics during the fourth quarter worth approximately $26,000. Two Sigma Securities LLC acquired a new stake in shares of ADC Therapeutics in the fourth quarter worth $30,000. Russell Investments Group Ltd. increased its position in ADC Therapeutics by 122.6% during the fourth 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. Prudential Financial Inc. acquired a new position in ADC Therapeutics during the 4th quarter valued at $35,000. Finally, Cerity Partners LLC acquired a new position in ADC Therapeutics during the 1st quarter valued at $25,000. 41.10% of the stock is owned by 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.