ADC Therapeutics SA (NYSE:ADCT) Stock Position Lifted by State Street Corp

State Street Corp boosted its stake in ADC Therapeutics SA (NYSE:ADCT) by 11.6% in the third quarter, Holdings Channel reports. The institutional investor owned 1,106,011 shares of the company’s stock after acquiring an additional 114,715 shares during the quarter. State Street Corp’s holdings in ADC Therapeutics were worth $3,484,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ADCT. Susquehanna Fundamental Investments LLC acquired a new position in shares of ADC Therapeutics in the second quarter worth $33,000. Intech Investment Management LLC purchased a new position in ADC Therapeutics in the third quarter valued at about $41,000. Acadian Asset Management LLC acquired a new position in ADC Therapeutics in the 2nd quarter worth about $51,000. Readystate Asset Management LP purchased a new stake in shares of ADC Therapeutics during the 3rd quarter worth about $54,000. Finally, SG Americas Securities LLC bought a new position in ADC Therapeutics during the third quarter valued at approximately $84,000. Institutional investors and hedge funds own 41.10% of the company’s stock.

ADC Therapeutics Stock Down 6.4 %

ADCT opened at $1.90 on Tuesday. ADC Therapeutics SA has a 12-month low of $1.45 and a 12-month high of $6.04. The firm has a market capitalization of $183.71 million, a P/E ratio of -0.79 and a beta of 1.52. The stock’s 50 day moving average price is $2.49 and its two-hundred day moving average price is $2.88.

ADC Therapeutics (NYSE:ADCT) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The firm had revenue of $18.46 million for the quarter, compared to the consensus estimate of $18.76 million. During the same quarter last year, the firm posted ($0.58) EPS. As a group, analysts anticipate that ADC Therapeutics SA will post -1.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Guggenheim restated a “buy” rating and set a $10.00 price target on shares of ADC Therapeutics in a research note on Thursday, December 12th. HC Wainwright reissued a “buy” rating on shares of ADC Therapeutics in a research report on Wednesday, December 11th. Finally, Stephens assumed coverage on ADC Therapeutics in a research report on Friday, November 8th. They issued an “overweight” rating and a $6.00 price target for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $8.00.

Insiders Place Their Bets

In other ADC Therapeutics news, major shareholder Redmile Group, Llc sold 25,352 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $2.07, for a total transaction of $52,478.64. Following the completion of the transaction, the insider now owns 15,566,731 shares in the company, valued at $32,223,133.17. This trade represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.10% of the company’s stock.

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.