ADC Therapeutics (NYSE:ADCT) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

ADC Therapeutics (NYSE:ADCT) announced its quarterly earnings results on Tuesday. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.06, Yahoo Finance reports. The company had revenue of $17.41 million during the quarter, compared to the consensus estimate of $19.06 million. During the same quarter in the prior year, the firm posted ($0.58) earnings per share.

ADC Therapeutics Stock Down 6.0 %

ADCT traded down $0.17 on Wednesday, hitting $2.75. The company had a trading volume of 536,952 shares, compared to its average volume of 752,931. The business’s fifty day simple moving average is $3.29 and its 200 day simple moving average is $3.94. ADC Therapeutics has a 12-month low of $0.36 and a 12-month high of $6.04. The company has a market cap of $227.22 million, a PE ratio of -1.00 and a beta of 1.59.

Insider Buying and Selling at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc bought 400,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was purchased at an average price of $2.81 per share, for a total transaction of $1,124,000.00. Following the acquisition, the insider now owns 12,995,040 shares in the company, valued at $36,516,062.40. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 4.05% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ADCT shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $8.00 target price on shares of ADC Therapeutics in a report on Wednesday. HC Wainwright reduced their price objective on ADC Therapeutics from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, May 7th. Finally, Cantor Fitzgerald assumed coverage on ADC Therapeutics in a research report on Thursday, May 30th. They set an “overweight” rating for the company. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.00.

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.