ADC Therapeutics (NYSE:ADCT) Upgraded to “Moderate Buy” at Royal Bank Of Canada

ADC Therapeutics (NYSE:ADCT) was upgraded by equities research analysts at Royal Bank Of Canada from an “outperform” rating to a “moderate buy” rating in a note issued to investors on Friday, Marketbeat reports. The firm currently has a $5.00 target price on the stock, down from their prior target price of $8.00. Royal Bank Of Canada’s price target would indicate a potential upside of 80.83% from the stock’s current price.

Several other equities analysts have also recently issued reports on the stock. Stephens boosted their price target on shares of ADC Therapeutics from $6.00 to $8.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a research report on Friday, March 7th. Guggenheim reiterated a “buy” rating and set a $10.00 price target (up previously from $7.00) on shares of ADC Therapeutics in a research report on Friday, June 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Monday, March 31st. Four analysts have rated the stock with a buy rating, Based on data from MarketBeat, ADC Therapeutics has an average rating of “Buy” and an average price target of $7.75.

ADC Therapeutics Stock Down 8.7%

Shares of NYSE:ADCT opened at $2.77 on Friday. The stock has a market cap of $274.23 million, a PE ratio of -1.91 and a beta of 1.96. The company’s fifty day moving average is $2.20 and its 200 day moving average is $1.91. ADC Therapeutics has a 52 week low of $1.05 and a 52 week high of $4.13.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.02. The firm had revenue of $23.03 million during the quarter, compared to analysts’ expectations of $17.71 million. Sell-side analysts anticipate that ADC Therapeutics will post -1.69 EPS for the current year.

Institutional Investors Weigh In On ADC Therapeutics

Several hedge funds have recently bought and sold shares of ADCT. Rhumbline Advisers boosted its stake in ADC Therapeutics by 15.6% during the fourth quarter. Rhumbline Advisers now owns 110,037 shares of the company’s stock worth $219,000 after acquiring an additional 14,848 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of ADC Therapeutics by 6.0% in the fourth quarter. Bank of New York Mellon Corp now owns 171,993 shares of the company’s stock worth $342,000 after buying an additional 9,750 shares in the last quarter. Intech Investment Management LLC lifted its stake in shares of ADC Therapeutics by 195.7% in the fourth quarter. Intech Investment Management LLC now owns 38,435 shares of the company’s stock worth $76,000 after buying an additional 25,437 shares in the last quarter. Platinum Investment Management Ltd. lifted its stake in shares of ADC Therapeutics by 11.6% in the fourth quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock worth $3,209,000 after buying an additional 168,040 shares in the last quarter. Finally, Kazazian Asset Management LLC bought a new position in shares of ADC Therapeutics in the fourth quarter worth approximately $26,000. Institutional investors 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.