ADC Therapeutics (NYSE:ADCT) Receives Buy Rating from Guggenheim

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating reissued by Guggenheim in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $10.00 price objective on the stock. Guggenheim’s price target would suggest a potential upside of 369.48% from the company’s current price.

A number of other brokerages have also issued reports on ADCT. HC Wainwright reaffirmed a “buy” rating on shares of ADC Therapeutics in a research note on Wednesday. Stephens assumed coverage on ADC Therapeutics in a report on Friday, November 8th. They issued an “overweight” rating and a $6.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $8.00.

ADC Therapeutics Price Performance

ADCT stock traded down $0.09 on Thursday, reaching $2.13. The company’s stock had a trading volume of 316,313 shares, compared to its average volume of 692,245. ADC Therapeutics has a 52 week low of $1.01 and a 52 week high of $6.04. The company has a market capitalization of $205.95 million, a P/E ratio of -0.91 and a beta of 1.52. The firm has a fifty day moving average of $2.75 and a two-hundred day moving average of $3.01.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). The firm had revenue of $18.46 million during the quarter, compared to the consensus estimate of $18.76 million. During the same quarter last year, the business earned ($0.58) earnings per share. As a group, equities analysts expect that ADC Therapeutics will post -1.67 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Redmile Group, Llc sold 25,352 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 15,566,731 shares of the company’s stock, valued at approximately $32,223,133.17. This trade represents a 0.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.10% of the company’s stock.

Institutional Trading of ADC Therapeutics

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