ADC Therapeutics (NYSE:ADCT) Shares Up 8.4% – Here’s What Happened

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

Analyst Ratings Changes

A number of research analysts have commented on the stock. Guggenheim cut their price target on shares of ADC Therapeutics to $5.00 and set a “buy” rating for the company in a research note on Monday, August 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of ADC Therapeutics in a report on Friday, July 17th. Finally, Wall Street Zen upgraded ADC Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. 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. Based on data from MarketBeat, ADC Therapeutics has a consensus rating of “Hold” and a consensus price target of $5.00.

ADC Therapeutics Price Performance

The stock has a market capitalization of $183.21 million, a P/E ratio of -2.16 and a beta of 1.86. The company’s 50 day simple moving average is $1.14 and its two-hundred day simple moving average is $2.10.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Thursday, August 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.11. The firm had revenue of $19.25 million during the quarter, compared to the consensus estimate of $18.89 million. On average, research analysts anticipate that ADC Therapeutics SA will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP grew its holdings in ADC Therapeutics by 36.0% during the first quarter. Quantinno Capital Management LP now owns 14,719 shares of the company’s stock valued at $55,000 after purchasing an additional 3,894 shares during the period. R Squared Ltd acquired a new position in shares of ADC Therapeutics in the 1st quarter valued at $38,000. Sei Investments Co. increased its position in shares of ADC Therapeutics by 45.6% in the 1st quarter. Sei Investments Co. now owns 33,461 shares of the company’s stock valued at $125,000 after buying an additional 10,472 shares in the last quarter. Bank of America Corp DE raised 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 worth $4,969,000 after buying an additional 26,433 shares during the period. Finally, AXQ Capital LP bought a new position in ADC Therapeutics during the second quarter worth about $29,000. 41.10% of the stock is owned by institutional investors.

ADC Therapeutics Company Profile

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.