Eventide Asset Management LLC Takes $11.88 Million Position in ADC Therapeutics SA $ADCT

Eventide Asset Management LLC acquired a new stake in ADC Therapeutics SA (NYSE:ADCT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 3,364,067 shares of the company’s stock, valued at approximately $11,875,000.

Several other hedge funds also recently modified their holdings of the stock. ProShare Advisors LLC grew its holdings in shares of ADC Therapeutics by 27.0% in the 4th quarter. ProShare Advisors LLC now owns 15,727 shares of the company’s stock valued at $56,000 after acquiring an additional 3,339 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of ADC Therapeutics by 31.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 32,502 shares of the company’s stock valued at $130,000 after buying an additional 7,701 shares during the last quarter. R Squared Ltd acquired a new stake in shares of ADC Therapeutics in the 3rd quarter valued at approximately $59,000. AXQ Capital LP acquired a new stake in shares of ADC Therapeutics in the 4th quarter valued at approximately $57,000. Finally, Henrickson Nauta Wealth Advisors Inc. acquired a new stake in shares of ADC Therapeutics in the 4th quarter valued at approximately $69,000. Institutional investors own 41.10% of the company’s stock.

ADC Therapeutics Stock Up 0.4%

Shares of NYSE:ADCT opened at $1.05 on Monday. ADC Therapeutics SA has a 12-month low of $0.78 and a 12-month high of $4.98. The stock has a market cap of $134.06 million, a PE ratio of -1.00 and a beta of 1.77. The business has a 50 day moving average of $3.31 and a 200-day moving average of $3.70.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). The firm had revenue of $20.85 million during the quarter, compared to the consensus estimate of $19.99 million. During the same period in the previous year, the company posted ($0.36) EPS. Equities research analysts expect that ADC Therapeutics SA will post -0.88 earnings per share for the current year.

Insider Activity

In other news, major shareholder Redmile Group, Llc sold 2,634,506 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $3.28, for a total transaction of $8,641,179.68. Following the completion of the sale, the insider owned 12,666,731 shares in the company, valued at $41,546,877.68. The trade was a 17.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 5,880,415 shares of company stock worth $19,641,067 in the last three months. Insiders own 5.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ADCT shares. Stephens reissued an “overweight” rating and issued a $5.00 price objective on shares of ADC Therapeutics in a report on Thursday, June 4th. Royal Bank Of Canada downgraded ADC Therapeutics from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $6.00 to $2.00 in a report on Thursday, June 4th. HC Wainwright cut ADC Therapeutics from a “buy” rating to a “neutral” rating in a report on Monday, June 8th. Wall Street Zen cut ADC Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a report on Thursday, June 4th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.25.

ADC Therapeutics Company Profile

ADC Therapeutics SA is a clinical-stage biopharmaceutical company focused on the discovery and development of highly targeted antibody-drug conjugates (ADCs) designed to treat hematological malignancies such as non-Hodgkin lymphoma and acute myeloid leukemia. By marrying the specificity of monoclonal antibodies with potent cytotoxic payloads, the company aims to maximize tumor cell eradication while limiting off-target toxicity.

At the core of ADC Therapeutics’ portfolio is loncastuximab tesirine-lpyl, a CD19-directed ADC that received accelerated approval from the U.S.