ADC Therapeutics price target raised to $10 from $7 at Guggenheim

Guggenheim raised the firm’s price target on ADC Therapeutics (ADCT) to $10 from $7 and keeps a Buy rating on the shares after the company released an update on their Phase 1b LOTIS-7 study of Zynlonta plus glofitamab as part of the EHA embargo lift. ADC also announced a $100M private placement financing intended to support Zynlonta’s ongoing clinical programs and commercialization in earlier line DLBCL, as well as a restructuring comprising a 30% reduction in force and closure of UK operations, notes the analyst, who is updating the firm’s estimates for all of these events.