ADC Therapeutics (NYSE:ADCT) Stock Price Down 4.5% – Here’s Why

ADC Therapeutics SA (NYSE:ADCT)’s share price dropped 4.5% during mid-day trading on Thursday . The company traded as low as $3.88 and last traded at $3.9050. Approximately 740,786 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 659,677 shares. The stock had previously closed at $4.09.

Analysts Set New Price Targets

ADCT has been the topic of a number of analyst reports. HC Wainwright decreased their target price on shares of ADC Therapeutics from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, October 16th. Guggenheim restated a “buy” rating and set a $10.00 price target on shares of ADC Therapeutics in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a report on Wednesday, January 21st. Wall Street Zen upgraded ADC Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $5.00 target price on shares of ADC Therapeutics in a research report on Wednesday, December 3rd. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ADC Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $7.50.

ADC Therapeutics Stock Performance

The stock has a market cap of $483.74 million, a PE ratio of -2.69 and a beta of 1.93. The company’s 50-day moving average price is $3.73 and its two-hundred day moving average price is $3.67.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Monday, November 10th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. The firm had revenue of $16.43 million during the quarter, compared to the consensus estimate of $17.08 million. Equities research analysts forecast that ADC Therapeutics SA will post -1.69 earnings per share for the current fiscal year.

Institutional Trading of ADC Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. R Squared Ltd bought a new position in ADC Therapeutics during the third quarter valued at approximately $59,000. Henrickson Nauta Wealth Advisors Inc. bought a new stake in shares of ADC Therapeutics in the 4th quarter worth approximately $69,000. SG Americas Securities LLC purchased a new stake in shares of ADC Therapeutics in the 4th quarter valued at $86,000. Creative Planning bought a new position in shares of ADC Therapeutics during the 2nd quarter valued at $96,000. Finally, Ethic Inc. purchased a new position in ADC Therapeutics in the 2nd quarter worth $103,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

About ADC Therapeutics

ADC Therapeutics SA is a clinical-stage biopharmaceutical company focused on the discovery and development of highly targeted antibody-drug conjugates (ADCs) designed to treat hematological malignancies such as non-Hodgkin lymphoma and acute myeloid leukemia. By marrying the specificity of monoclonal antibodies with potent cytotoxic payloads, the company aims to maximize tumor cell eradication while limiting off-target toxicity.

At the core of ADC Therapeutics’ portfolio is loncastuximab tesirine-lpyl, a CD19-directed ADC that received accelerated approval from the U.S.