H.C. Wainwright Lowers ADC Therapeutics (ADCT) PT to $7 Following $60M Private Placement

ADC Therapeutics (NYSE:ADCT) is one of the best long term penny stocks with huge upside potential. On October 16, H.C. Wainwright analyst Robert Burns lowered the price target on ADC Therapeutics to $7 from $8 and maintained a Buy rating on the shares. The firm reduced the price target after factoring in the private placement financing.

H.C. Wainwright Lowers ADC Therapeutics (ADCT) PT to $7 Following $60M Private Placement

In other news, earlier on October 12, DC Therapeutics announced a $60 million private placement with institutional investors, which is expected to close on October 27. The proceeds from this will support the commercial expansion of ZYNLONTA, which is used to treat adults with B-cell lymphoma that has relapsed after two or more treatments or that did not respond to previous treatment. The proceeds will also strengthen the company’s balance sheet, position it for long-term growth, and potentially support a relaunch of ZYNLONTA in 2027.

ADC Therapeutics (NYSE:ADCT) provides antibody drug conjugate/ADC technology platform to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.

While we acknowledge the potential of ADCT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ADCT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.