Guggenheim Reaffirms “Buy” Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating reiterated by stock analysts at Guggenheim in a research report issued on Thursday,Benzinga reports. They currently have a $10.00 price target on the stock. Guggenheim’s target price would suggest a potential upside of 369.48% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. HC Wainwright reiterated a “buy” rating on shares of ADC Therapeutics in a report on Wednesday. Stephens started coverage on ADC Therapeutics in a research note on Friday, November 8th. They issued an “overweight” rating and a $6.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $8.00.

ADC Therapeutics Stock Down 4.1 %

Shares of ADCT traded down $0.09 during midday trading on Thursday, reaching $2.13. 316,313 shares of the stock were exchanged, compared to its average volume of 692,245. The company has a market cap of $205.95 million, a price-to-earnings ratio of -0.91 and a beta of 1.52. ADC Therapeutics has a 12-month low of $1.01 and a 12-month high of $6.04. The firm has a 50 day simple moving average of $2.75 and a 200-day simple moving average of $3.01.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The company had revenue of $18.46 million for the quarter, compared to analysts’ expectations of $18.76 million. During the same quarter in the previous year, the firm posted ($0.58) earnings per share. Research analysts expect that ADC Therapeutics will post -1.67 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Redmile Group, Llc sold 25,352 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $2.07, for a total value of $52,478.64. Following the sale, the insider now owns 15,566,731 shares in the company, valued at approximately $32,223,133.17. This trade represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.10% of the company’s stock.

Institutional Trading of ADC Therapeutics

A number of hedge funds have recently bought and sold shares of ADCT. Sanibel Captiva Trust Company Inc. raised its position in shares of ADC Therapeutics by 9.7% during the second quarter. Sanibel Captiva Trust Company Inc. now owns 113,000 shares of the company’s stock valued at $357,000 after buying an additional 10,000 shares during the last quarter. Bank of New York Mellon Corp bought a new position in ADC Therapeutics during the second quarter valued at about $648,000. Rhumbline Advisers acquired a new position in ADC Therapeutics in the 2nd quarter valued at approximately $272,000. Acadian Asset Management LLC acquired a new position in ADC Therapeutics in the 2nd quarter valued at approximately $51,000. Finally, XTX Topco Ltd lifted its position in shares of ADC Therapeutics by 129.0% in the 2nd quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock worth $180,000 after acquiring an additional 32,034 shares during the period. 41.10% of the stock is owned by institutional investors.

ADC Therapeutics Company Profile

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.