ADC Therapeutics (ADCT) Secures PIPE Financing, Price Target Adjusted

Group 1 - ADC Therapeutics (ADCT) is a biotech firm focused on developing Antibody Drug Conjugates (ADCs) for cancer therapy, utilizing proprietary PBD technology to enhance treatment efficacy while minimizing damage to healthy tissue [4] - On October 16, H.C. Wainwright reaffirmed its Buy rating on ADC Therapeutics but lowered the price target from $8 to $7 following the company's announcement of a $60 million PIPE financing deal [1][2] - The PIPE financing involves the sale of 11.3 million common shares at $4.00 each and pre-funded warrants for 3.8 million shares at $3.90 each, with net proceeds expected to total approximately $57.6 million after fees and expenses [2] Group 2 - The financing strengthens ADC Therapeutics' balance sheet, increasing its pro forma cash position to an estimated $292.3 million [3] - The company anticipates reporting $15.8 million in net product revenue from ZYNLONTA sales for Q3 2025, with $234.7 million in cash and equivalents as of September 30 [3]