HC Wainwright Cuts ADC Therapeutics (NYSE:ADCT) Price Target to $8.00

ADC Therapeutics (NYSE:ADCT) had its price objective reduced by analysts at HC Wainwright from $9.00 to $8.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 79.78% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Guggenheim reissued a “buy” rating on shares of ADC Therapeutics in a research report on Friday, April 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Thursday, March 14th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.25.

ADC Therapeutics Stock Performance

Shares of ADCT opened at $4.45 on Tuesday. ADC Therapeutics has a 1 year low of $0.36 and a 1 year high of $6.04. The company’s 50 day simple moving average is $4.58 and its 200 day simple moving average is $2.87. The company has a market capitalization of $368.50 million, a price-to-earnings ratio of -1.52 and a beta of 1.69.

ADC Therapeutics (NYSE:ADCT) last posted its quarterly earnings results on Monday, May 6th. The company reported ($0.56) EPS for the quarter, meeting the consensus estimate of ($0.56). ADC Therapeutics had a negative return on equity of 1,313.37% and a negative net margin of 344.15%. During the same period in the previous year, the business posted ($0.74) earnings per share. Equities analysts expect that ADC Therapeutics will post -2.2 EPS 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. Acadian Asset Management LLC lifted its holdings in ADC Therapeutics by 613.8% in the 3rd quarter. Acadian Asset Management LLC now owns 156,048 shares of the company’s stock worth $138,000 after buying an additional 134,186 shares in the last quarter. Affinity Asset Advisors LLC raised its position in shares of ADC Therapeutics by 83.3% in the 3rd quarter. Affinity Asset Advisors LLC now owns 1,100,000 shares of the company’s stock valued at $987,000 after purchasing an additional 500,000 shares in the last quarter. Redmile Group LLC boosted its stake in shares of ADC Therapeutics by 0.9% during the 3rd quarter. Redmile Group LLC now owns 14,178,045 shares of the company’s stock valued at $12,718,000 after buying an additional 128,110 shares during the last quarter. Saxony Capital Management LLC acquired a new stake in shares of ADC Therapeutics during the fourth quarter worth approximately $34,000. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in ADC Therapeutics by 7.1% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock valued at $317,000 after acquiring an additional 4,700 shares in the last quarter. 41.10% of the stock is owned by institutional investors and hedge funds.

About ADC Therapeutics

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.