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

Eventide Asset Management LLC purchased a new stake in ADC Therapeutics SA (NYSE:ADCT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,364,067 shares of the company’s stock, valued at approximately $11,875,000. Eventide Asset Management LLC owned 2.72% of ADC Therapeutics as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in ADCT. AQR Capital Management LLC lifted its stake in shares of ADC Therapeutics by 411.1% in the 1st quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock valued at $284,000 after purchasing an additional 161,808 shares during the period. Creative Planning acquired a new position in shares of ADC Therapeutics in the 2nd quarter valued at $96,000. Nantahala Capital Management LLC acquired a new position in shares of ADC Therapeutics in the 2nd quarter valued at $6,074,000. Bank of America Corp DE lifted its stake in shares of ADC Therapeutics by 22.1% in the 2nd quarter. Bank of America Corp DE now owns 2,199,059 shares of the company’s stock valued at $5,893,000 after purchasing an additional 397,905 shares during the period. Finally, Corient Private Wealth LLC acquired a new position in shares of ADC Therapeutics in the 2nd quarter valued at $959,000. Institutional investors and hedge funds own 41.10% of the company’s stock.

Wall Street Analysts Forecast Growth

ADCT has been the topic of a number of analyst reports. Stephens reissued an “overweight” rating and issued a $5.00 price target on shares of ADC Therapeutics in a research note on Thursday, June 4th. HC Wainwright downgraded ADC Therapeutics from a “buy” rating to a “neutral” rating in a research note on Monday, June 8th. Royal Bank Of Canada downgraded ADC Therapeutics from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $6.00 to $2.00 in a research note on Thursday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of ADC Therapeutics in a research note on Thursday, June 4th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.25.

ADC Therapeutics Trading Up 0.4%

ADCT stock opened at $1.05 on Monday. The stock has a 50-day moving average price of $3.31 and a two-hundred day moving average price of $3.70. The stock has a market cap of $134.06 million, a PE ratio of -1.00 and a beta of 1.77. ADC Therapeutics SA has a 1 year low of $0.78 and a 1 year high of $4.98.

ADC Therapeutics (NYSE:ADCT) last released its earnings results 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 business had revenue of $20.85 million during the quarter, compared to analysts’ expectations of $19.99 million. During the same period in the previous year, the business posted ($0.36) EPS. On average, analysts forecast that ADC Therapeutics SA will post -0.88 earnings per share for the current fiscal year.

Insider Transactions at ADC Therapeutics

In other ADC Therapeutics news, major shareholder Redmile Group, Llc sold 2,634,506 shares of the stock in a transaction dated 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 transaction, the insider owned 12,666,731 shares in the company, valued at approximately $41,546,877.68. This represents a 17.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders sold 5,880,415 shares of company stock worth $19,641,067. 5.40% of the stock is currently owned by corporate insiders.

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.