H.C. Wainwright Reiterates Buy Rating on ADC Therapeutics (ADCT)

H.C. Wainwright analyst Robert Burns reiterated a Buy rating and $8.00 price target on ADC Therapeutics (NYSE: ADCT).

The analyst commented: "Yesterday, ADC Therapeutics' management provided updated milestone timelines regarding the LOTIS-5 and LOTIS-7 trials. Per this disclosure, we now expect the following catalysts over the next 12 months, including: (1) additional data from the LOTIS-7 trial (a Phase 1b trial that is evaluating ZYNLONTA (loncastuximab tesirine-lpyl) in combination with glofitamab or mosunetuzumab in relapsed/refractory B-cell non-Hodgkin lymphoma) in 2H25, with full enrollment of 100 patients at the recommended dose occurring in 1H26; and (2) top-line results from LOTIS-5, the Phase 3 confirmatory trial evaluating ZYNLONTA in combination with rituximab (Lonca-R) in patients with relapsed or refractory diffuse large B-cell lymphoma (r/r DLBCL), in 1H26 vs. the prior end-2025 (see our prior note). Additionally, management guides to a potential confirmatory approval from the FDA in 2L+ DLBCL based on the LOTIS-5 results in 1H27. From our perspective, the updated timeline for the top-line results from the LOTIS-5 trial does not impact our overall outlook, as the primary endpoint (i.e., PFS) is event-driven. As such, we reiterate our Buy rating and $8 12-month price target."

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Shares of ADC Therapeutics closed at $4.00 yesterday.

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