Prosight Management LP Trims Position in ADC Therapeutics SA (NYSE:ADCT)

Prosight Management LP reduced its stake in shares of ADC Therapeutics SA (NYSE:ADCT) by 1.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 9,515,000 shares of the company’s stock after selling 121,237 shares during the quarter. ADC Therapeutics comprises 5.2% of Prosight Management LP’s portfolio, making the stock its 6th biggest holding. Prosight Management LP owned 0.10% of ADC Therapeutics worth $18,935,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kazazian Asset Management LLC purchased a new stake in ADC Therapeutics in the fourth quarter worth about $26,000. Two Sigma Securities LLC purchased a new stake in ADC Therapeutics in the fourth quarter worth about $30,000. Russell Investments Group Ltd. lifted its holdings in ADC Therapeutics by 122.6% in the fourth quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company’s stock worth $33,000 after buying an additional 9,248 shares during the period. Prudential Financial Inc. purchased a new stake in ADC Therapeutics in the fourth quarter worth about $35,000. Finally, Sei Investments Co. purchased a new stake in ADC Therapeutics in the fourth quarter worth about $46,000. 41.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on ADCT shares. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a report on Monday, March 31st. Guggenheim lowered their target price on shares of ADC Therapeutics from $10.00 to $7.00 and set a “buy” rating for the company in a report on Monday, March 31st. Stephens lifted their target price on shares of ADC Therapeutics from $6.00 to $8.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a report on Friday, March 7th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, ADC Therapeutics currently has a consensus rating of “Buy” and an average price target of $7.75.

ADC Therapeutics Price Performance

Shares of ADCT stock opened at $1.80 on Thursday. ADC Therapeutics SA has a 1 year low of $1.05 and a 1 year high of $4.32. The firm has a fifty day moving average price of $1.42 and a 200-day moving average price of $1.84. The company has a market cap of $178.02 million, a price-to-earnings ratio of -0.75 and a beta of 1.54.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Wednesday, May 14th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.02. The firm had revenue of $23.03 million for the quarter, compared to analysts’ expectations of $17.71 million. Equities research analysts expect that ADC Therapeutics SA will post -1.69 EPS for the current year.

ADC Therapeutics Company Profile

ADC Therapeutics SA focuses on advancing its proprietary antibody drug conjugate (ADC) technology platform to transform the treatment paradigm for patients with hematologic malignancies and solid tumors. Its flagship product is ZYNLONTA, a CD19-directed ADC, received accelerated approval from the U.S.