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

Key Points

• HC Wainwright has reduced the price target for ADC Therapeutics from $8.00 to $7.00, maintaining a "buy" rating, which suggests a potential upside of 65.29% from its previous close.
• Analysts' consensus rating has been categorized as "Moderate Buy" with a consensus price target of $7.50, despite various other analysts downgrading their ratings on the stock.
• ADC Therapeutics reported a quarterly loss of ($0.50) earnings per share, missing estimates, but revenue was slightly above expectations at $18.84 million.

ADC Therapeutics (NYSE:ADCT - Get Free Report) had its price target dropped by HC Wainwright from $8.00 to $7.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price objective points to a potential upside of 65.29% from the stock's previous close.

Several other equities analysts have also recently commented on ADCT. Weiss Ratings reissued a "sell (d-)" rating on shares of ADC Therapeutics in a research report on Wednesday, October 8th. Wall Street Zen cut shares of ADC Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Royal Bank Of Canada raised shares of ADC Therapeutics from an "outperform" rating to a "moderate buy" rating and decreased their price target for the company from $8.00 to $5.00 in a research report on Friday, June 20th. Finally, Guggenheim restated a "buy" rating and issued a $10.00 price objective on shares of ADC Therapeutics in a report on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $7.50.

ADC Therapeutics Stock Performance

NYSE:ADCT opened at $4.24 on Thursday. The stock has a market capitalization of $476.44 million, a P/E ratio of -2.70 and a beta of 1.99. The company has a 50 day moving average price of $3.49 and a 200 day moving average price of $2.73. ADC Therapeutics has a fifty-two week low of $1.05 and a fifty-two week high of $4.74.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.14). The company had revenue of $18.84 million for the quarter, compared to analysts' expectations of $17.82 million. Research analysts forecast that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC acquired a new position in shares of ADC Therapeutics during the second quarter worth about $959,000. Bank of America Corp DE boosted its holdings in ADC Therapeutics by 22.1% during the second quarter. Bank of America Corp DE now owns 2,199,059 shares of the company's stock worth $5,893,000 after buying an additional 397,905 shares in the last quarter. Nantahala Capital Management LLC purchased a new stake in ADC Therapeutics during the second quarter worth about $6,074,000. Stempoint Capital LP purchased a new stake in ADC Therapeutics during the second quarter worth about $759,000. Finally, Panagora Asset Management Inc. boosted its holdings in ADC Therapeutics by 400.8% during the second quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company's stock worth $727,000 after buying an additional 217,173 shares in the last quarter. 41.10% of the stock is currently owned by institutional investors and hedge funds.

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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