ADC Therapeutics (NYSE:ADCT) Releases Earnings Results, Beats Expectations By $0.10 EPS

ADC Therapeutics (NYSE:ADCT) issued its earnings results on Monday. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10, Zacks reports. The firm had revenue of $16.43 million during the quarter, compared to analyst estimates of $17.08 million.

ADC Therapeutics Stock Down 5.6%

Shares of NYSE:ADCT traded down $0.24 during trading on Tuesday, reaching $3.97. 587,717 shares of the company traded hands, compared to its average volume of 671,257. ADC Therapeutics has a 52 week low of $1.05 and a 52 week high of $4.80. The firm has a market capitalization of $447.08 million, a PE ratio of -2.53 and a beta of 1.98. The company’s 50 day moving average is $3.91 and its two-hundred day moving average is $3.14.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ADCT shares. Guggenheim reiterated a “buy” rating and set a $10.00 target price on shares of ADC Therapeutics in a research note on Wednesday, August 13th. HC Wainwright dropped their price objective on shares of ADC Therapeutics from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of ADC Therapeutics in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of ADC Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $7.50.

Institutional Trading of ADC Therapeutics

Large investors have recently made changes to their positions in the company. Nantahala Capital Management LLC bought a new position in shares of ADC Therapeutics in the 2nd quarter valued at $6,074,000. Bank of America Corp DE raised its stake in ADC Therapeutics by 22.1% during the second quarter. Bank of America Corp DE now owns 2,199,059 shares of the company’s stock worth $5,893,000 after acquiring an additional 397,905 shares in the last quarter. Vanguard Group Inc. raised its stake in ADC Therapeutics by 6.0% during the third quarter. Vanguard Group Inc. now owns 593,954 shares of the company’s stock worth $2,376,000 after acquiring an additional 33,431 shares in the last quarter. Corient Private Wealth LLC bought a new position in shares of ADC Therapeutics in the second quarter worth about $959,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of ADC Therapeutics by 865.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 330,597 shares of the company’s stock valued at $1,322,000 after purchasing an additional 296,350 shares during the last quarter. Institutional investors and hedge funds own 41.10% of the company’s stock.

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.