ADC Therapeutics (NYSE:ADCT) Sees Strong Trading Volume – Here’s What Happened

Shares of ADC Therapeutics SA (NYSE:ADCT) saw an uptick in trading volume on Wednesday . 1,046,932 shares were traded during trading, an increase of 42% from the previous session’s volume of 736,678 shares.The stock last traded at $4.2870 and had previously closed at $4.05.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADCT. Guggenheim restated a “buy” rating and issued a $10.00 target price on shares of ADC Therapeutics in a research 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. Royal Bank Of Canada reissued an “outperform” rating and set a $5.00 price objective on shares of ADC Therapeutics in a report on Wednesday, December 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a report on Wednesday, January 21st. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.33.

ADC Therapeutics Price Performance

The company has a market cap of $536.40 million, a price-to-earnings ratio of -2.99 and a beta of 1.92. The business’s fifty day moving average price is $3.82 and its 200 day moving average price is $3.83.

Hedge Funds Weigh In On ADC Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Prosight Management LP lifted its stake in shares of ADC Therapeutics by 13.5% in the fourth quarter. Prosight Management LP now owns 8,477,338 shares of the company’s stock worth $29,925,000 after acquiring an additional 1,005,035 shares during the period. Nantahala Capital Management LLC raised its holdings in ADC Therapeutics by 141.6% during the 4th quarter. Nantahala Capital Management LLC now owns 5,475,433 shares of the company’s stock worth $19,328,000 after purchasing an additional 3,209,144 shares during the last quarter. Eventide Asset Management LLC acquired a new position in shares of ADC Therapeutics in the 4th quarter worth approximately $11,875,000. Bank of America Corp DE lifted its position in shares of ADC Therapeutics by 22.1% in the 2nd quarter. Bank of America Corp DE now owns 2,199,059 shares of the company’s stock worth $5,893,000 after purchasing an additional 397,905 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of ADC Therapeutics by 2.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,640,872 shares of the company’s stock valued at $5,792,000 after purchasing an additional 46,438 shares during the last quarter. 41.10% of the stock is currently owned by institutional investors.

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.