Affinity Asset Advisors LLC Makes New Investment in ADC Therapeutics SA (NYSE:ADCT)

Affinity Asset Advisors LLC bought a new position in shares of ADC Therapeutics SA (NYSE:ADCT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 474,744 shares of the company’s stock, valued at approximately $1,500,000. Affinity Asset Advisors LLC owned approximately 0.57% of ADC Therapeutics at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. XTX Topco Ltd lifted its stake in shares of ADC Therapeutics by 129.0% in the second quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock valued at $180,000 after purchasing an additional 32,034 shares during the period. Acadian Asset Management LLC acquired a new stake in ADC Therapeutics in the second quarter valued at $51,000. Rhumbline Advisers purchased a new position in shares of ADC Therapeutics in the second quarter valued at $272,000. Bank of New York Mellon Corp acquired a new position in shares of ADC Therapeutics during the 2nd quarter worth $648,000. Finally, Sanibel Captiva Trust Company Inc. boosted its position in shares of ADC Therapeutics by 9.7% in the 2nd quarter. Sanibel Captiva Trust Company Inc. now owns 113,000 shares of the company’s stock worth $357,000 after buying an additional 10,000 shares in the last quarter. 41.10% of the stock is owned by institutional investors and hedge funds.

ADC Therapeutics Trading Down 1.0 %

Shares of ADC Therapeutics stock opened at $3.05 on Wednesday. The business’s fifty day moving average price is $3.10 and its 200 day moving average price is $3.65. ADC Therapeutics SA has a twelve month low of $0.36 and a twelve month high of $6.04.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, major shareholder Redmile Group, Llc acquired 400,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were bought at an average cost of $2.81 per share, with a total value of $1,124,000.00. Following the completion of the transaction, the insider now directly owns 12,995,040 shares of the company’s stock, valued at approximately $36,516,062.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.05% of the stock is owned by corporate insiders.

ADC Therapeutics Profile

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.