Heights Capital Management Inc. Sells 2,506,095 Shares of ADC Therapeutics SA $ADCT

Heights Capital Management Inc. trimmed its holdings in ADC Therapeutics SA (NYSE:ADCT) by 88.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 326,766 shares of the company’s stock after selling 2,506,095 shares during the period. Heights Capital Management Inc.’s holdings in ADC Therapeutics were worth $1,307,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. TCG Crossover Management LLC acquired a new stake in ADC Therapeutics during the third quarter worth approximately $5,561,000. Voleon Capital Management LP acquired a new position in ADC Therapeutics in the 3rd quarter valued at $281,000. Millennium Management LLC lifted its position in shares of ADC Therapeutics by 82.9% during the 3rd quarter. Millennium Management LLC now owns 701,619 shares of the company’s stock valued at $2,806,000 after acquiring an additional 317,945 shares during the period. Creative Planning lifted its position in shares of ADC Therapeutics by 196.3% during the 3rd quarter. Creative Planning now owns 106,651 shares of the company’s stock valued at $427,000 after acquiring an additional 70,652 shares during the period. Finally, Two Sigma Investments LP acquired a new stake in shares of ADC Therapeutics during the 3rd quarter worth $182,000. 41.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of ADC Therapeutics in a research report on Wednesday, January 21st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $5.00 price objective on shares of ADC Therapeutics in a research report on Wednesday, December 3rd. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.33.

ADC Therapeutics Price Performance

Shares of ADCT opened at $4.11 on Wednesday. The firm has a 50 day simple moving average of $3.97 and a two-hundred day simple moving average of $3.91. ADC Therapeutics SA has a one year low of $1.05 and a one year high of $4.98. The company has a market cap of $521.50 million, a P/E ratio of -3.42 and a beta of 1.92.

ADC Therapeutics (NYSE:ADCT) last issued its earnings results on Tuesday, March 10th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.28. The business had revenue of $23.06 million during the quarter, compared to analyst estimates of $22.29 million. On average, analysts expect that ADC Therapeutics SA will post -1.69 earnings per share for the current fiscal year.

ADC Therapeutics 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.