ADC Therapeutics (NYSE:ADCT) Price Target Lowered to $5.00 at Royal Bank Of Canada

ADC Therapeutics (NYSE:ADCT - Get Free Report) had its price target cut by research analysts at Royal Bank Of Canada from $8.00 to $5.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 68.63% from the company's current price.

Several other research analysts have also recently commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of ADC Therapeutics in a report on Friday, March 7th. HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research note on Monday, March 31st. Stephens lifted their price objective on shares of ADC Therapeutics from $6.00 to $8.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Finally, Guggenheim restated a "buy" rating and issued a $10.00 target price (up previously from $7.00) on shares of ADC Therapeutics in a report on Friday, June 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $7.75.

ADC Therapeutics Trading Down 2.1%

Shares of NYSE ADCT traded down $0.07 during mid-day trading on Friday, reaching $2.97. The company had a trading volume of 271,754 shares, compared to its average volume of 619,351. The company has a 50-day moving average price of $2.17 and a two-hundred day moving average price of $1.90. The stock has a market cap of $294.07 million, a PE ratio of -2.07 and a beta of 1.96. ADC Therapeutics has a 1-year low of $1.05 and a 1-year high of $4.13.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.36) earnings per share for the quarter, beating analysts' consensus estimates of ($0.38) by $0.02. The company had revenue of $23.03 million during the quarter, compared to analyst estimates of $17.71 million. On average, research analysts expect that ADC Therapeutics will post -1.69 EPS for the current year.

Institutional Trading of ADC Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Kazazian Asset Management LLC purchased a new position in ADC Therapeutics during the fourth quarter valued at approximately $26,000. Two Sigma Securities LLC purchased a new stake in ADC Therapeutics in the 4th quarter worth approximately $30,000. Russell Investments Group Ltd. boosted its stake in shares of ADC Therapeutics by 122.6% during the 4th quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company's stock valued at $33,000 after buying an additional 9,248 shares during the period. Prudential Financial Inc. purchased a new position in shares of ADC Therapeutics during the 4th quarter valued at $35,000. Finally, Cerity Partners LLC acquired a new position in shares of ADC Therapeutics in the first quarter worth $25,000. 41.10% of the stock is owned by hedge funds and other institutional investors.

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.

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