ADC Therapeutics (NYSE:ADCT) Major Shareholder Redmile Group, Llc Sells 169,265 Shares

ADC Therapeutics SA (NYSE:ADCT) major shareholder Redmile Group, Llc sold 169,265 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $3.80, for a total transaction of $643,207.00. Following the sale, the insider directly owned 15,301,237 shares of the company’s stock, valued at $58,144,700.60. This represents a 1.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 transaction of $8,641,179.68.
• On Thursday, April 2nd, Redmile Group, Llc sold 2,529,491 shares of ADC Therapeutics stock. The shares were sold at an average price of $3.28, for a total transaction of $8,296,730.48.
• 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 196,229 shares of ADC Therapeutics stock. The stock was sold at an average price of $3.75, for a total transaction of $735,858.75.
• 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 transaction of $706,526.25.

ADC Therapeutics Price Performance

NYSE:ADCT traded up $0.01 during mid-day trading on Thursday, reaching $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 PE 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 earnings results on Saturday, February 14th. The company reported ($0.09) earnings per share for the quarter. The business had revenue of $23.06 million during the quarter. Equities analysts expect that ADC Therapeutics SA will post -1.69 EPS for the current year.

Analyst Ratings Changes

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

Institutional Trading of ADC Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Corient Private Wealth LLC bought a new stake in ADC Therapeutics during the 2nd quarter worth $959,000. Stempoint Capital LP bought a new position in ADC Therapeutics in the second quarter valued at about $759,000. Panagora Asset Management Inc. boosted its stake in shares of ADC Therapeutics by 400.8% during 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. Eventide Asset Management LLC acquired a new stake in shares of ADC Therapeutics during the fourth quarter valued at about $11,875,000. Finally, AXQ Capital LP bought a new stake in shares of ADC Therapeutics during the fourth quarter worth about $57,000. Institutional investors own 41.10% of the company’s stock.

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.