ADC Therapeutics (NYSE:ADCT) Shares Climb 8.4% – What’s Next?

ADC Therapeutics SA (NYSE:ADCT) traded up 8.4% during mid-day trading on Monday. The company traded as high as $1.26 and last traded at $1.2250. 1,750,927 shares changed hands during trading, an increase of 34% from the average daily volume of 1,310,350 shares. The stock had previously closed at $1.13.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADCT. Wall Street Zen raised shares of ADC Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Guggenheim lowered their target price on shares of ADC Therapeutics to $5.00 and set a “buy” rating for the company in a report on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of ADC Therapeutics in a research report on Friday, July 17th. Finally, HC Wainwright downgraded ADC Therapeutics from a “buy” rating to a “neutral” rating in a research note on Monday, June 8th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, ADC Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $5.00.

ADC Therapeutics Stock Performance

The firm has a 50-day moving average price of $1.14 and a 200-day moving average price of $2.12. The stock has a market cap of $156.40 million, a PE ratio of -1.86 and a beta of 1.86.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.11. The firm had revenue of $19.25 million for the quarter, compared to the consensus estimate of $18.89 million. As a group, sell-side analysts anticipate that ADC Therapeutics SA will post -0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On ADC Therapeutics

A number of institutional investors have recently made changes to their positions in ADCT. Eventide Asset Management LLC bought a new stake in shares of ADC Therapeutics during the fourth quarter valued at approximately $11,875,000. Bank of America Corp DE boosted its stake in ADC Therapeutics by 2.0% during the 1st quarter. Bank of America Corp DE now owns 1,325,017 shares of the company’s stock valued at $4,969,000 after purchasing an additional 26,433 shares during the last quarter. Opaleye Management Inc. purchased a new stake in ADC Therapeutics during the 2nd quarter valued at $749,000. Renaissance Technologies LLC bought a new stake in shares of ADC Therapeutics in the 1st quarter worth $1,122,000. Finally, Lazard Asset Management LLC bought a new stake in shares of ADC Therapeutics in the 1st quarter worth $985,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

About ADC Therapeutics

ADC Therapeutics SA (NYSE: ADCT) is a commercial-stage biopharmaceutical company focused on developing antibody-drug conjugates (ADCs) for the treatment of cancer. Its ADC technology is designed to use antibodies to selectively deliver potent cytotoxic agents to cancer cells, with the goal of limiting exposure to healthy tissue.

The company’s lead product is Zynlonta (loncastuximab tesirine-lpyl), an ADC directed at the CD19 antigen. Zynlonta is approved in the United States for the treatment of adults with relapsed or refractory large B-cell lymphoma after two or more lines of systemic therapy.