ADC Therapeutics (NYSE:ADCT) Given New $10.00 Price Target at Guggenheim

ADC Therapeutics (NYSE:ADCT - Get Free Report) had its price target boosted by investment analysts at Guggenheim from $7.00 to $10.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Guggenheim's target price points to a potential upside of 176.63% from the company's current price.

Several other equities research analysts also recently weighed in on ADCT. Cantor Fitzgerald reissued an "overweight" rating on shares of ADC Therapeutics in a report on Friday, March 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $8.00 price objective on shares of ADC Therapeutics in a report on Thursday, May 15th. Stephens increased their price objective on ADC Therapeutics from $6.00 to $8.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Finally, HC Wainwright reissued a "buy" rating and issued a $8.00 price objective on shares of ADC Therapeutics in a report on Monday, March 31st. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $8.50.

ADC Therapeutics Stock Down 1.5%

ADCT traded down $0.06 on Friday, reaching $3.62. The company's stock had a trading volume of 829,699 shares, compared to its average volume of 615,616. The stock has a 50 day moving average of $1.95 and a two-hundred day moving average of $1.87. The company has a market capitalization of $358.53 million, a price-to-earnings ratio of -1.51 and a beta of 1.96. ADC Therapeutics has a fifty-two week low of $1.05 and a fifty-two week high of $4.13.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.02. The firm had revenue of $23.03 million during the quarter, compared to analyst estimates of $17.71 million. As a group, analysts anticipate that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADCT. SG Americas Securities LLC raised its position in ADC Therapeutics by 35.6% in the fourth quarter. SG Americas Securities LLC now owns 36,140 shares of the company's stock worth $72,000 after acquiring an additional 9,483 shares in the last quarter. Rhumbline Advisers raised its position in ADC Therapeutics by 15.6% in the fourth quarter. Rhumbline Advisers now owns 110,037 shares of the company's stock worth $219,000 after acquiring an additional 14,848 shares in the last quarter. Bank of New York Mellon Corp raised its position in ADC Therapeutics by 6.0% in the fourth quarter. Bank of New York Mellon Corp now owns 171,993 shares of the company's stock worth $342,000 after acquiring an additional 9,750 shares in the last quarter. Intech Investment Management LLC raised its position in ADC Therapeutics by 195.7% in the fourth quarter. Intech Investment Management LLC now owns 38,435 shares of the company's stock worth $76,000 after acquiring an additional 25,437 shares in the last quarter. Finally, Platinum Investment Management Ltd. raised its position in ADC Therapeutics by 11.6% in 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 in the last quarter. 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.