Guggenheim Lowers ADC Therapeutics (NYSE:ADCT) Price Target to $7.00

ADC Therapeutics (NYSE:ADCT) had its price target dropped by equities researchers at Guggenheim from $10.00 to $7.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target would suggest a potential upside of 423.56% from the stock’s previous close.

Several other research analysts have also commented on the stock. HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research note on Monday. Cantor Fitzgerald reissued an “overweight” rating on shares of ADC Therapeutics in a research report on Friday, March 7th. Finally, Stephens lifted their price target on ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $7.75.

ADC Therapeutics Price Performance

ADCT traded down $0.15 on Monday, reaching $1.34. 44,596 shares of the company’s stock were exchanged, compared to its average volume of 623,523. The stock’s fifty day moving average price is $1.67 and its 200-day moving average price is $2.25. The stock has a market cap of $129.27 million, a PE ratio of -0.56 and a beta of 1.51. ADC Therapeutics has a twelve month low of $1.28 and a twelve month high of $5.38.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Thursday, March 27th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.06. The company had revenue of $19.00 million during the quarter, compared to analysts’ expectations of $19.01 million. As a group, research analysts predict that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Trading of ADC Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Woodline Partners LP purchased a new position in ADC Therapeutics in the 4th quarter valued at about $3,848,000. Orbimed Advisors LLC raised its position in shares of ADC Therapeutics by 31.6% in the fourth quarter. Orbimed Advisors LLC now owns 5,968,451 shares of the company’s stock valued at $11,877,000 after buying an additional 1,434,650 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of ADC Therapeutics during the fourth quarter valued at approximately $1,426,000. Redmile Group LLC boosted its position in ADC Therapeutics by 2.6% during the third quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock worth $49,358,000 after acquiring an additional 400,000 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in ADC Therapeutics in the 3rd quarter worth approximately $531,000. Hedge funds and other institutional investors 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.