Acadian Asset Management LLC Invests $51,000 in ADC Therapeutics SA (NYSE:ADCT)

Acadian Asset Management LLC purchased a new position in ADC Therapeutics SA (NYSE:ADCT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 16,454 shares of the company’s stock, valued at approximately $51,000.

Several other large investors have also recently modified their holdings of ADCT. Bank of New York Mellon Corp bought a new stake in ADC Therapeutics in the 2nd quarter worth about $648,000. Sanibel Captiva Trust Company Inc. bought a new stake in ADC Therapeutics in the 1st quarter worth about $462,000. Rhumbline Advisers bought a new stake in ADC Therapeutics in the 2nd quarter worth about $272,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in ADC Therapeutics by 7.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock worth $317,000 after buying an additional 4,700 shares in the last quarter. Hedge funds and other institutional investors own 41.10% of the company’s stock.

ADC Therapeutics Trading Up 3.7 %

ADC Therapeutics stock opened at $3.33 on Friday. The firm has a 50 day moving average of $3.12 and a 200 day moving average of $3.67. The firm has a market capitalization of $275.65 million, a price-to-earnings ratio of -1.21 and a beta of 1.58. ADC Therapeutics SA has a 12-month low of $0.36 and a 12-month high of $6.04.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Tuesday, August 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.06. The firm had revenue of $17.41 million during the quarter, compared to analysts’ expectations of $19.06 million. During the same period in the prior year, the company posted ($0.58) earnings per share. On average, analysts predict that ADC Therapeutics SA will post -1.69 EPS for the current year.

Analysts Set New Price Targets

ADCT has been the subject of several research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald initiated coverage on shares of ADC Therapeutics in a research report on Thursday, May 30th. They set an “overweight” rating for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, ADC Therapeutics has an average rating of “Moderate Buy” and an average price target of $9.00.

Insiders Place Their Bets

In other ADC Therapeutics news, major shareholder Redmile Group, Llc purchased 400,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was acquired at an average cost of $2.81 per share, for a total transaction of $1,124,000.00. Following the purchase, the insider now directly owns 12,995,040 shares of the company’s stock, valued at approximately $36,516,062.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.05% of the stock is currently owned by corporate insiders.

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.