HC Wainwright Reiterates “Buy” Rating for ADC Therapeutics (NYSE:ADCT)

ADC Therapeutics (NYSE:ADCT)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They currently have a $8.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 300.00% from the stock’s current price.

A number of other analysts have also recently commented on the stock. Stephens started coverage on shares of ADC Therapeutics in a research report on Friday, November 8th. They set an “overweight” rating and a $6.00 price target on the stock. Guggenheim restated a “buy” rating and set a $10.00 target price on shares of ADC Therapeutics in a research report on Thursday, December 12th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.00.

ADC Therapeutics Price Performance

NYSE:ADCT opened at $2.00 on Monday. ADC Therapeutics has a one year low of $1.71 and a one year high of $6.04. The company has a market cap of $193.38 million, a PE ratio of -0.84 and a beta of 1.55. The firm’s 50 day simple moving average is $2.35 and its 200 day simple moving average is $2.84.

ADC Therapeutics (NYSE:ADCT) last announced its earnings results on Thursday, November 7th. The company reported ($0.42) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The company had revenue of $18.46 million during the quarter, compared to analyst estimates of $18.76 million. During the same quarter in the previous year, the firm earned ($0.58) EPS. Equities research analysts expect that ADC Therapeutics will post -1.67 EPS for the current year.

Insider Transactions at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc purchased 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $3.04 per share, for a total transaction of $304,000.00. Following the completion of the acquisition, the insider now owns 13,145,712 shares of the company’s stock, valued at $39,962,964.48. This represents a 0.77 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ADC Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of ADC Therapeutics in the second quarter valued at about $33,000. Intech Investment Management LLC purchased a new stake in ADC Therapeutics in the 3rd quarter valued at about $41,000. Acadian Asset Management LLC bought a new position in shares of ADC Therapeutics during the 2nd quarter worth approximately $51,000. Readystate Asset Management LP bought a new position in shares of ADC Therapeutics during the 3rd quarter worth approximately $54,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of ADC Therapeutics by 10.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 194,258 shares of the company’s stock worth $612,000 after buying an additional 18,796 shares during the last quarter. 41.10% of the stock is owned by hedge funds and other institutional investors.

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.