ADC Therapeutics SA (NYSE:ADCT) Major Shareholder Redmile Group, Llc Sells 25,352 Shares of Stock

ADC Therapeutics SA (NYSE:ADCT) major shareholder Redmile Group, Llc sold 25,352 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $2.07, for a total transaction of $52,478.64. Following the completion of the transaction, the insider now directly owns 15,566,731 shares of the company’s stock, valued at approximately $32,223,133.17. The trade was a 0.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

ADC Therapeutics Stock Performance

ADCT stock opened at $3.15 on Friday. The company has a fifty day moving average price of $2.75 and a 200-day moving average price of $3.03. The company has a market capitalization of $304.57 million, a P/E ratio of -1.28 and a beta of 1.52. ADC Therapeutics SA has a 52-week low of $0.94 and a 52-week high of $6.04.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The firm had revenue of $18.46 million for the quarter, compared to analysts’ expectations of $18.76 million. During the same period in the prior year, the firm earned ($0.58) earnings per share. As a group, sell-side analysts forecast that ADC Therapeutics SA will post -1.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Stephens began coverage on shares of ADC Therapeutics in a research note on Friday, November 8th. They issued an “overweight” rating and a $6.00 price objective for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.25.

Hedge Funds Weigh In On ADC Therapeutics

A number of hedge funds have recently bought and sold shares of ADCT. Affinity Asset Advisors LLC bought a new position in ADC Therapeutics during the second quarter worth $1,500,000. Redmile Group LLC grew its holdings in ADC Therapeutics by 2.6% in the third quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock worth $49,358,000 after purchasing an additional 400,000 shares during the period. Bank of New York Mellon Corp acquired a new stake in ADC Therapeutics in the second quarter worth $648,000. Wellington Management Group LLP acquired a new stake in ADC Therapeutics in the third quarter worth $531,000. Finally, Geode Capital Management LLC grew its holdings in ADC Therapeutics by 15.6% in the third quarter. Geode Capital Management LLC now owns 953,171 shares of the company’s stock worth $3,002,000 after purchasing an additional 128,454 shares during the period. Institutional investors own 41.10% of the company’s stock.

About ADC Therapeutics

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.