Stephens Initiates Coverage on ADC Therapeutics (NYSE:ADCT)

Stephens started coverage on shares of ADC Therapeutics (NYSE:ADCT) in a note issued to investors on Friday, Marketbeat.com reports. The brokerage set an “overweight” rating and a $6.00 price target on the stock. Stephens’ price objective points to a potential upside of 104.78% from the stock’s previous close.

ADCT has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of ADC Therapeutics in a research note on Thursday, August 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $8.00 target price on shares of ADC Therapeutics in a research note on Wednesday, August 7th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.25.

ADC Therapeutics Price Performance

Shares of ADC Therapeutics stock opened at $2.93 on Friday. ADC Therapeutics has a twelve month low of $0.36 and a twelve month high of $6.04. The firm’s 50-day moving average price is $3.02 and its 200 day moving average price is $3.32.

Institutional Investors Weigh In On ADC Therapeutics

Large investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC purchased a new position in ADC Therapeutics during the second quarter worth approximately $33,000. Intech Investment Management LLC acquired a new stake in shares of ADC Therapeutics in the 3rd quarter worth $41,000. Acadian Asset Management LLC purchased a new position in shares of ADC Therapeutics during the 2nd quarter worth $51,000. SG Americas Securities LLC acquired a new position in shares of ADC Therapeutics during the 3rd quarter valued at about $84,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of ADC Therapeutics during the 2nd quarter valued at about $85,000. 41.10% of the stock is currently owned by hedge funds and other institutional investors.

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.