ADC Therapeutics (NYSE:ADCT) Given New $7.00 Price Target at Guggenheim

ADC Therapeutics (NYSE:ADCT) had its price target trimmed by Guggenheim from $10.00 to $7.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

ADCT has been the subject of a number of other reports. Cantor Fitzgerald restated an “overweight” rating on shares of ADC Therapeutics in a report on Friday, March 7th. Stephens increased their target price on ADC Therapeutics from $6.00 to $8.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of ADC Therapeutics in a research report on Monday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $7.75.

ADC Therapeutics Stock Performance

ADCT opened at $1.36 on Monday. The firm has a market cap of $131.01 million, a P/E ratio of -0.57 and a beta of 1.51. The business has a 50 day moving average price of $1.64 and a 200 day moving average price of $2.22. ADC Therapeutics has a twelve month low of $1.28 and a twelve month high of $5.38.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings data on Thursday, March 27th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.06. The firm had revenue of $19.00 million during the quarter, compared to analyst estimates of $19.01 million. As a group, analysts anticipate that ADC Therapeutics will post -1.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADC Therapeutics

Several hedge funds have recently made changes to their positions in ADCT. Woodline Partners LP bought a new position in ADC Therapeutics during the fourth quarter valued at about $3,848,000. Orbimed Advisors LLC grew its holdings in shares of ADC Therapeutics by 31.6% during the 4th quarter. Orbimed Advisors LLC now owns 5,968,451 shares of the company’s stock worth $11,877,000 after purchasing an additional 1,434,650 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of ADC Therapeutics during the 4th quarter worth approximately $1,426,000. Redmile Group LLC increased its position in shares of ADC Therapeutics by 2.6% during the third quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock valued at $49,358,000 after purchasing an additional 400,000 shares during the period. Finally, Wellington Management Group LLP acquired a new position in shares of ADC Therapeutics in the third quarter valued at $531,000. 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.