JPMorgan upgraded ADC Therapeutics to Neutral from Underweight without a price target. The shares have traded down 60% year-to-date and are now fairly valued, the analyst tells investors in a research note. The firm reassessed its thesis post the Q2 report and continues to view ADC’s underlying technology platform and “differentiated know-how positively.” With a negative enterprise value, a revenue-generating asset and a cash runway out to mid-2025, JPMorgan finds the stock fairly valued.
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