ADC Therapeutics (NYSE:ADCT) Issues Earnings Results, Beats Expectations By $0.23 EPS

ADC Therapeutics (NYSE:ADCT) announced its earnings results on Tuesday. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.23, FiscalAI reports.

ADC Therapeutics Trading Up 2.4%

ADCT stock opened at $4.21 on Tuesday. The company has a market cap of $521.41 million, a PE ratio of -2.90 and a beta of 1.91. The stock has a 50-day moving average price of $3.87 and a two-hundred day moving average price of $3.86. ADC Therapeutics has a 12-month low of $1.05 and a 12-month high of $4.80.

Hedge Funds Weigh In On ADC Therapeutics

Hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP purchased a new stake in shares of ADC Therapeutics during the fourth quarter worth about $43,000. Creative Planning bought a new position in ADC Therapeutics during the second quarter worth $96,000. Russell Investments Group Ltd. lifted its position in shares of ADC Therapeutics by 31.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 32,502 shares of the company’s stock worth $130,000 after buying an additional 7,701 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in ADC Therapeutics by 25.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 46,750 shares of the company’s stock valued at $166,000 after acquiring an additional 9,537 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in ADC Therapeutics by 65.3% in the fourth quarter. MetLife Investment Management LLC now owns 49,682 shares of the company’s stock valued at $175,000 after buying an additional 19,633 shares during the last quarter. Hedge funds and other institutional investors own 41.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ADCT shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $5.00 price objective on shares of ADC Therapeutics in a research report on Wednesday, December 3rd. Guggenheim restated a “buy” rating and set a $10.00 price objective on shares of ADC Therapeutics in a report on Wednesday, November 12th. Wall Street Zen upgraded ADC Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of ADC Therapeutics in a report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, ADC Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.33.

ADC Therapeutics Company Profile

ADC Therapeutics SA is a clinical-stage biopharmaceutical company focused on the discovery and development of highly targeted antibody-drug conjugates (ADCs) designed to treat hematological malignancies such as non-Hodgkin lymphoma and acute myeloid leukemia. By marrying the specificity of monoclonal antibodies with potent cytotoxic payloads, the company aims to maximize tumor cell eradication while limiting off-target toxicity.

At the core of ADC Therapeutics’ portfolio is loncastuximab tesirine-lpyl, a CD19-directed ADC that received accelerated approval from the U.S.