ADC Therapeutics (NYSE:ADCT) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

ADC Therapeutics (NYSE:ADCT) released its quarterly earnings results on Tuesday. The company reported ($0.38) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.06, Yahoo Finance reports. The firm had revenue of $17.41 million for the quarter, compared to analyst estimates of $19.06 million. During the same quarter last year, the company earned ($0.58) earnings per share.

ADC Therapeutics Price Performance

Shares of NYSE ADCT traded down $0.17 during mid-day trading on Wednesday, hitting $2.75. The company had a trading volume of 536,952 shares, compared to its average volume of 752,931. The company has a market capitalization of $227.22 million, a PE ratio of -1.00 and a beta of 1.59. ADC Therapeutics has a 1-year low of $0.36 and a 1-year high of $6.04. The business’s 50-day simple moving average is $3.28 and its 200 day simple moving average is $3.93.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Cantor Fitzgerald assumed coverage on ADC Therapeutics in a research note on Thursday, May 30th. They set an “overweight” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $8.00 price target on shares of ADC Therapeutics in a research note on Wednesday. Finally, HC Wainwright decreased their price target on ADC Therapeutics from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, May 7th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, ADC Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Insider Activity

In other ADC Therapeutics news, major shareholder Redmile Group, Llc purchased 400,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were bought at an average cost of $2.81 per share, for a total transaction of $1,124,000.00. Following the completion of the purchase, the insider now directly owns 12,995,040 shares in the company, valued at $36,516,062.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.05% of the company’s stock.

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.