Insider Selling: ADC Therapeutics (NYSE:ADCT) Major Shareholder Sells 196,229 Shares of Stock

ADC Therapeutics SA (NYSE:ADCT) major shareholder Redmile Group, Llc sold 196,229 shares of ADC Therapeutics stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $3.75, for a total transaction of $735,858.75. Following the completion of the transaction, the insider directly owned 15,470,502 shares in the company, valued at $58,014,382.50. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Redmile Group, Llc also recently made the following trade(s):

• On Thursday, April 2nd, Redmile Group, Llc sold 2,634,506 shares of ADC Therapeutics stock. The shares were sold at an average price of $3.28, for a total value of $8,641,179.68.
• On Thursday, April 2nd, Redmile Group, Llc sold 2,529,491 shares of ADC Therapeutics stock. The stock was sold at an average price of $3.28, for a total value of $8,296,730.48.
• On Wednesday, April 1st, Redmile Group, Llc sold 169,265 shares of ADC Therapeutics stock. The shares were sold at an average price of $3.80, for a total transaction of $643,207.00.
• On Wednesday, April 1st, Redmile Group, Llc sold 162,517 shares of ADC Therapeutics stock. The stock was sold at an average price of $3.80, for a total transaction of $617,564.60.
• On Tuesday, March 31st, Redmile Group, Llc sold 188,407 shares of ADC Therapeutics stock. The stock was sold at an average price of $3.75, for a total value of $706,526.25.

ADC Therapeutics Stock Up 0.1%

Shares of NYSE:ADCT traded up $0.01 during trading on Thursday, hitting $3.81. The stock had a trading volume of 1,355,030 shares, compared to its average volume of 874,276. ADC Therapeutics SA has a 12-month low of $1.05 and a 12-month high of $4.98. The stock has a market capitalization of $483.39 million, a price-to-earnings ratio of -3.17 and a beta of 1.94. The stock has a 50-day simple moving average of $4.02 and a two-hundred day simple moving average of $3.95.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Saturday, February 14th. The company reported ($0.09) EPS for the quarter. The firm had revenue of $23.06 million for the quarter. As a group, sell-side analysts forecast that ADC Therapeutics SA will post -1.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ADCT. HC Wainwright upped their price objective on shares of ADC Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Monday, March 23rd. Royal Bank Of Canada restated an “outperform” rating and issued a $5.00 price objective on shares of ADC Therapeutics in a report on Wednesday, December 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ADC Therapeutics in a research note on Wednesday, January 21st. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ADC Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $7.67.

Hedge Funds Weigh In On ADC Therapeutics

A number of hedge funds have recently modified their holdings of ADCT. AQR Capital Management LLC lifted its holdings 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 worth $284,000 after acquiring an additional 161,808 shares during the last quarter. Creative Planning purchased a new stake in ADC Therapeutics during the 2nd quarter worth about $96,000. Panagora Asset Management Inc. boosted its holdings in ADC Therapeutics by 400.8% in the second quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company’s stock valued at $727,000 after purchasing an additional 217,173 shares in the last quarter. Stempoint Capital LP purchased a new position in shares of ADC Therapeutics in the 2nd quarter valued at $759,000. Finally, Nantahala Capital Management LLC purchased a new position in shares of ADC Therapeutics during the second quarter worth about $6,074,000. 41.10% of the stock is currently owned by hedge funds and other institutional investors.

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.