ADC Therapeutics (ADCT) PT Raised to $10 at Guggenheim

Guggenheim analyst Michael Schmidt raised the price target on ADC Therapeutics (NYSE: ADCT) to $10.00 (from $7.00) while maintaining a Buy rating.

The analyst commented: "As part of the EHA embargo lift, ADCT released an update on their Phase 1b LOTIS-7 study of Zynlonta (CD19 ADC) + glofitamab (Columvi, CD20 bsAb, RHHBY) in r/r DLBCL ahead of the conference this weekend, which included highly competitive efficacy data in now n=30 evaluable pts (ORR=93.3%, CRR=86.7%), maintaining strong efficacy seen in prior interim readouts (94% ORR, 72% CRs in n=18, and 96% ORR, 91% CRs in n=22), and manageable safety/tolerability in all 41 treated pts, including no indication of additive tox beyond known single agent profiles of each respective drug. ADCT plans to present final results from the fully enrolled study in 2H25 and also announced expansion of enrollment for LOTIS-7 to 100 patients at the high 150 µg/kg Zynlonta dose with the goal to support potential regulatory discussions in 2026. Meanwhile, LOTIS-5 (Zynlonta + rituximab) remains on track to report top line Phase 3 results by YE2025. ADCT also announced a $100M private placement (PIPE) financing intended to support Zynlonta's ongoing clinical programs and commercialization in earlier line DLBCL, as well as a restructuring comprising a 30% RIF and closure of UK operations. We are updating estimates and maintain our BUY rating. PT to $10 from $7 on higher PoS for the LOTIS-7 opportunity."

You May Also Be Interested In

• Citi raises EquipmentShare price target to $22, keeps Neutral
• Wells Fargo Upgrades FOX Corp. (FOXA) to Overweight
• Yeti Holdings Inc. (YETI) PT Raised to $48 at BofA Securities