ADC Therapeutics (NYSE:ADCT) Price Target Raised to $8.00

ADC Therapeutics (NYSE:ADCT) had its price target upped by Stephens from $6.00 to $8.00 in a report released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts also recently issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $8.00 target price on shares of ADC Therapeutics in a research note on Monday, January 6th. Guggenheim reiterated a “buy” rating and issued a $10.00 target price on shares of ADC Therapeutics in a research report on Thursday, December 12th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ADC Therapeutics currently has an average rating of “Buy” and a consensus price target of $8.50.

ADC Therapeutics Trading Up 3.4 %

Shares of NYSE:ADCT opened at $1.61 on Monday. ADC Therapeutics has a 12-month low of $1.39 and a 12-month high of $5.38. The business’s fifty day simple moving average is $1.77 and its 200-day simple moving average is $2.44. The company has a market capitalization of $155.96 million, a PE ratio of -0.67 and a beta of 1.54.

Insider Transactions at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc bought 100,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average price of $3.04 per share, with a total value of $304,000.00. Following the completion of the purchase, the insider now directly owns 13,145,712 shares of the company’s stock, valued at approximately $39,962,964.48. This trade represents a 0.77 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On ADC Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in ADCT. Redmile Group LLC grew its position in shares of ADC Therapeutics by 2.6% in the third quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock valued at $49,358,000 after purchasing an additional 400,000 shares in the last quarter. Orbimed Advisors LLC grew its position in ADC Therapeutics by 31.6% in the 4th quarter. Orbimed Advisors LLC now owns 5,968,451 shares of the company’s stock valued at $11,877,000 after acquiring an additional 1,434,650 shares in the last quarter. Woodline Partners LP purchased a new stake in ADC Therapeutics during the 4th quarter worth approximately $3,848,000. Platinum Investment Management Ltd. increased its position in shares of ADC Therapeutics by 11.6% during the fourth quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock worth $3,209,000 after acquiring an additional 168,040 shares during the period. Finally, State Street Corp raised its position in ADC Therapeutics by 11.6% in the 3rd quarter. State Street Corp now owns 1,106,011 shares of the company’s stock valued at $3,484,000 after purchasing an additional 114,715 shares in the last quarter. Hedge funds and other institutional investors own 41.10% of the company’s stock.

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.