ADC Therapeutics’ (ADCT) “Neutral” Rating Reiterated at HC Wainwright

ADC Therapeutics (NYSE:ADCT)‘s stock had its “neutral” rating restated by HC Wainwright in a research report issued on Monday, MarketBeat.com reports.

Several other research analysts also recently commented on ADCT. Weiss Ratings reissued a “sell (d-)” rating on shares of ADC Therapeutics in a report on Monday, April 20th. Royal Bank Of Canada downgraded shares of ADC Therapeutics from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $6.00 to $2.00 in a report on Thursday. Wall Street Zen downgraded shares of ADC Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday. Stephens reissued an “overweight” rating and issued a $5.00 price target on shares of ADC Therapeutics in a report on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ADC Therapeutics in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.25.

ADC Therapeutics Price Performance

Shares of NYSE:ADCT opened at $1.03 on Monday. The firm has a fifty day moving average price of $3.58 and a two-hundred day moving average price of $3.80. ADC Therapeutics has a one year low of $1.01 and a one year high of $4.98. The company has a market cap of $130.37 million, a price-to-earnings ratio of -0.98 and a beta of 1.77.

ADC Therapeutics (NYSE:ADCT) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.21) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The business had revenue of $20.85 million for the quarter, compared to analysts’ expectations of $19.99 million. During the same period last year, the firm posted ($0.36) earnings per share. Equities research analysts expect that ADC Therapeutics will post -0.88 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Redmile Group, Llc sold 2,634,506 shares of ADC Therapeutics stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $3.28, for a total transaction of $8,641,179.68. Following the completion of the sale, the insider directly owned 12,666,731 shares of the company’s stock, valued at approximately $41,546,877.68. The trade was a 17.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 5,880,415 shares of company stock worth $19,641,067. Insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On ADC Therapeutics

A number of large investors have recently added to or reduced their stakes in ADCT. AQR Capital Management LLC raised its position in ADC Therapeutics by 411.1% in the 1st quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock worth $284,000 after purchasing an additional 161,808 shares during the period. Creative Planning purchased a new position in ADC Therapeutics in the 2nd quarter worth $96,000. Nantahala Capital Management LLC purchased a new position in ADC Therapeutics in the 2nd quarter worth $6,074,000. Bank of America Corp DE raised its position in 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, Corient Private Wealth LLC purchased a new position in ADC Therapeutics in the 2nd quarter worth $959,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

About ADC Therapeutics

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.