ADC Therapeutics (NYSE:ADCT) Reaches New 52-Week High on Strong Earnings

ADC Therapeutics SA (NYSE:ADCT) shares reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $4.95 and last traded at $4.7950, with a volume of 1561459 shares changing hands. The stock had previously closed at $4.23.

The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.28. The business had revenue of $23.06 million for the quarter, compared to analyst estimates of $22.29 million.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wall Street Zen raised ADC Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a research report on Wednesday, January 21st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $5.00 price target on shares of ADC Therapeutics in a research report on Wednesday, December 3rd. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.33.

Institutional Trading of ADC Therapeutics

A number of hedge funds have recently modified their holdings of ADCT. AQR Capital Management LLC raised its position in ADC Therapeutics by 411.1% during the first quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock valued at $284,000 after buying an additional 161,808 shares during the period. Creative Planning purchased a new position in ADC Therapeutics during the 2nd quarter valued at about $96,000. Panagora Asset Management Inc. grew its stake in ADC Therapeutics by 400.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company’s stock valued at $727,000 after acquiring an additional 217,173 shares in the last quarter. Stempoint Capital LP acquired a new position in shares of ADC Therapeutics in the 2nd quarter valued at about $759,000. Finally, Nantahala Capital Management LLC acquired a new position in shares of ADC Therapeutics in the 2nd quarter valued at about $6,074,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

ADC Therapeutics Stock Down 11.2%

The business’s 50-day moving average price is $3.93 and its 200-day moving average price is $3.88. The firm has a market capitalization of $537.02 million, a PE ratio of -3.61 and a beta of 1.92.

ADC Therapeutics Company Profile

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.