ADC Therapeutics (NYSE:ADCT) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of ADC Therapeutics (NYSE:ADCT) in a research report sent to investors on Friday morning,Benzinga reports.

Other analysts also recently issued research reports about the company. Guggenheim reissued a “buy” rating and issued a $10.00 price objective on shares of ADC Therapeutics in a research note on Thursday, December 12th. Stephens boosted their price objective on ADC Therapeutics from $6.00 to $8.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research note on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $8.50.

ADC Therapeutics Price Performance

NYSE:ADCT opened at $1.83 on Friday. ADC Therapeutics has a 12-month low of $1.39 and a 12-month high of $5.38. The firm has a market capitalization of $177.33 million, a P/E ratio of -0.77 and a beta of 1.51. The business has a 50 day simple moving average of $1.73 and a 200 day simple moving average of $2.39.

Insider Transactions at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc bought 100,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $3.04 per share, with a total value of $304,000.00. Following the completion of the transaction, the insider now directly owns 13,145,712 shares of the company’s stock, valued at approximately $39,962,964.48. This trade represents a 0.77 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Redmile Group LLC grew its holdings in shares of ADC Therapeutics by 2.6% during the third quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock valued at $49,358,000 after buying an additional 400,000 shares in the last quarter. Orbimed Advisors LLC grew its holdings in shares of ADC Therapeutics by 31.6% during the fourth quarter. Orbimed Advisors LLC now owns 5,968,451 shares of the company’s stock valued at $11,877,000 after buying an additional 1,434,650 shares in the last quarter. Woodline Partners LP purchased a new position in shares of ADC Therapeutics during the fourth quarter valued at $3,848,000. Platinum Investment Management Ltd. grew its holdings in shares of ADC Therapeutics by 11.6% during the fourth quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock valued at $3,209,000 after buying an additional 168,040 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of ADC Therapeutics by 11.6% during the third quarter. State Street Corp now owns 1,106,011 shares of the company’s stock valued at $3,484,000 after buying an additional 114,715 shares in the last quarter. Hedge funds and other 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.