ADC Therapeutics SA (NYSE:ADCT) Forecasted to Post Q1 2024 Earnings of ($0.56) Per Share

ADC Therapeutics SA (NYSE:ADCT) – Equities research analysts at HC Wainwright dropped their Q1 2024 earnings per share (EPS) estimates for shares of ADC Therapeutics in a research note issued on Monday, April 15th. HC Wainwright analyst R. Burns now expects that the company will post earnings of ($0.56) per share for the quarter, down from their prior estimate of ($0.54). HC Wainwright currently has a “Buy” rating and a $9.00 price target on the stock. The consensus estimate for ADC Therapeutics’ current full-year earnings is ($2.19) per share. HC Wainwright also issued estimates for ADC Therapeutics’ Q2 2024 earnings at ($0.58) EPS, Q3 2024 earnings at ($0.59) EPS, Q4 2024 earnings at ($0.60) EPS and FY2024 earnings at ($2.33) EPS.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.56). ADC Therapeutics had a negative net margin of 344.15% and a negative return on equity of 1,313.37%. The company had revenue of $16.79 million for the quarter, compared to the consensus estimate of $16.58 million.

ADCT has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and set a $8.00 price objective on shares of ADC Therapeutics in a research note on Thursday, March 14th. Guggenheim restated a “buy” rating on shares of ADC Therapeutics in a research note on Friday, April 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.50.

ADC Therapeutics Stock Performance

NYSE:ADCT opened at $4.93 on Thursday. ADC Therapeutics has a 52-week low of $0.36 and a 52-week high of $6.04. The firm has a market cap of $406.87 million, a price-to-earnings ratio of -1.68 and a beta of 1.73. The business’s fifty day moving average is $4.61 and its 200 day moving average is $2.51.

Hedge Funds Weigh In On ADC Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. increased its stake in ADC Therapeutics by 7.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock worth $317,000 after acquiring an additional 4,700 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in ADC Therapeutics by 38.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,459,514 shares of the company’s stock worth $2,423,000 after acquiring an additional 406,536 shares during the last quarter. Saxony Capital Management LLC purchased a new position in shares of ADC Therapeutics in the 4th quarter worth about $34,000. Redmile Group LLC boosted its holdings in shares of ADC Therapeutics by 0.9% in the 3rd quarter. Redmile Group LLC now owns 14,178,045 shares of the company’s stock worth $12,718,000 after purchasing an additional 128,110 shares in the last quarter. Finally, Affinity Asset Advisors LLC boosted its holdings in shares of ADC Therapeutics by 83.3% in the 3rd quarter. Affinity Asset Advisors LLC now owns 1,100,000 shares of the company’s stock worth $987,000 after purchasing an additional 500,000 shares in the last quarter. 41.10% of the stock is currently owned by institutional investors.

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.