Opaleye Management Inc. Makes New $749,000 Investment in ADC Therapeutics SA $ADCT

Opaleye Management Inc. bought a new stake in shares of ADC Therapeutics SA (NYSE:ADCT) in the second quarter, Holdings Channel reports. The fund bought 700,000 shares of the company’s stock, valued at approximately $749,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Eventide Asset Management LLC acquired a new stake in shares of ADC Therapeutics in the fourth quarter worth approximately $11,875,000. AXQ Capital LP acquired a new position in ADC Therapeutics in the 4th quarter valued at $57,000. ProShare Advisors LLC lifted its holdings in 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 purchasing an additional 3,339 shares in the last quarter. Bank of America Corp DE lifted its holdings in ADC Therapeutics by 2.0% in the 1st quarter. Bank of America Corp DE now owns 1,325,017 shares of the company’s stock valued at $4,969,000 after purchasing an additional 26,433 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in ADC Therapeutics by 36.0% during the 1st quarter. Quantinno Capital Management LP now owns 14,719 shares of the company’s stock worth $55,000 after purchasing an additional 3,894 shares during the last quarter. Hedge funds and other institutional investors own 41.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ADCT shares. Stephens reaffirmed an “overweight” rating and set a $5.00 target price on shares of ADC Therapeutics in a report on Thursday, June 4th. Wall Street Zen raised shares of ADC Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Guggenheim lowered their price target on shares of ADC Therapeutics to $5.00 and set a “buy” rating on the stock in a research report on Monday, August 17th. HC Wainwright cut shares of ADC Therapeutics from a “buy” rating to a “neutral” rating in a research note on Monday, June 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a report on Thursday, June 4th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, ADC Therapeutics has an average rating of “Hold” and a consensus target price of $5.00.

ADC Therapeutics Price Performance

NYSE ADCT opened at $1.10 on Friday. The stock has a market capitalization of $141.08 million, a P/E ratio of -1.67 and a beta of 1.84. The firm’s 50-day moving average is $1.17 and its two-hundred day moving average is $2.50. ADC Therapeutics SA has a 12 month low of $0.78 and a 12 month high of $4.98.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.11. The company had revenue of $19.25 million during the quarter, compared to analysts’ expectations of $18.89 million. As a group, analysts anticipate that ADC Therapeutics SA will post -0.8 EPS for the current year.

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.