ADC Therapeutics (NYSE:ADCT) Price Target Raised to $8.00

ADC Therapeutics (NYSE:ADCT) had its price target increased by investment analysts at HC Wainwright from $7.00 to $8.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 106.45% from the company’s previous close.

A number of other brokerages have also issued reports on ADCT. Royal Bank Of Canada restated an “outperform” rating and set a $5.00 target price on shares of ADC Therapeutics in a research report on Wednesday, December 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a research report on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, ADC Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $7.67.

ADC Therapeutics Price Performance

Shares of ADC Therapeutics stock opened at $3.88 on Monday. ADC Therapeutics has a 1 year low of $1.05 and a 1 year high of $4.98. The business has a 50 day moving average price of $3.99 and a 200 day moving average price of $3.93. The company has a market capitalization of $492.28 million, a P/E ratio of -3.23 and a beta of 1.91.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Tuesday, March 10th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.28. The company had revenue of $23.06 million during the quarter, compared to analyst estimates of $22.29 million. As a group, research analysts expect that ADC Therapeutics will post -1.69 EPS for the current fiscal year.

Institutional Investors Weigh In On ADC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADCT. AQR Capital Management LLC lifted its stake in shares of ADC Therapeutics by 411.1% in the 1st quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock valued at $284,000 after purchasing an additional 161,808 shares in the last quarter. Creative Planning acquired a new stake in ADC Therapeutics during the 2nd quarter worth approximately $96,000. Panagora Asset Management Inc. raised its holdings in ADC Therapeutics by 400.8% in the second quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company’s stock valued at $727,000 after buying an additional 217,173 shares during the period. Stempoint Capital LP acquired a new position in ADC Therapeutics during the second quarter valued at approximately $759,000. Finally, Nantahala Capital Management LLC acquired a new position in ADC Therapeutics during the second quarter valued at approximately $6,074,000. 41.10% of the stock is currently owned by institutional investors and hedge funds.

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.