ADC Therapeutics (NYSE:ADCT) Cut to Sell at Wall Street Zen

Key Points

• ADC Therapeutics has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, signaling a negative outlook from some analysts.
• Despite the downgrade, Guggenheim has reissued a "buy" rating with a price target of $10.00, indicating mixed sentiments among analysts regarding the stock's potential.
• ADC Therapeutics reported a quarterly loss with an EPS of ($0.50), missing expectations, though revenue was slightly above estimates at $18.84 million.

Wall Street Zen downgraded shares of ADC Therapeutics (NYSE:ADCT - Free Report) from a hold rating to a sell rating in a report issued on Saturday morning.

Other equities research analysts also recently issued research reports about the company. Royal Bank Of Canada upgraded ADC Therapeutics from an "outperform" rating to a "moderate buy" rating and decreased their price objective for the company from $8.00 to $5.00 in a report on Friday, June 20th. Guggenheim reiterated a "buy" rating and set a $10.00 price target on shares of ADC Therapeutics in a report on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, ADC Therapeutics presently has an average rating of "Buy" and a consensus target price of $7.75.

ADC Therapeutics Stock Performance

Shares of NYSE ADCT traded down $0.1150 during midday trading on Friday, hitting $3.1250. 321,935 shares of the stock traded hands, compared to its average volume of 588,052. The company has a market cap of $351.56 million, a PE ratio of -1.98 and a beta of 1.92. ADC Therapeutics has a one year low of $1.05 and a one year high of $3.97. The business has a 50 day moving average price of $3.01 and a two-hundred day moving average price of $2.18.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.14). The firm had revenue of $18.84 million during the quarter, compared to analysts' expectations of $17.82 million. As a group, equities research analysts forecast that ADC Therapeutics will post -1.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Corient Private Wealth LLC purchased a new position in ADC Therapeutics in the second quarter worth $959,000. Bank of America Corp DE boosted its position in ADC Therapeutics by 22.1% in the second quarter. Bank of America Corp DE now owns 2,199,059 shares of the company's stock worth $5,893,000 after purchasing an additional 397,905 shares during the last quarter. Nantahala Capital Management LLC purchased a new position in shares of ADC Therapeutics during the 2nd quarter valued at $6,074,000. Stempoint Capital LP purchased a new position in shares of ADC Therapeutics during the 2nd quarter valued at $759,000. Finally, Panagora Asset Management Inc. lifted its position in shares of ADC Therapeutics by 400.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company's stock valued at $727,000 after buying an additional 217,173 shares during 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.