474,744 Shares in ADC Therapeutics SA (NYSE:ADCT) Bought by Affinity Asset Advisors LLC

Affinity Asset Advisors LLC acquired a new position in ADC Therapeutics SA (NYSE:ADCT) in the second quarter, HoldingsChannel reports. The institutional investor acquired 474,744 shares of the company’s stock, valued at approximately $1,500,000.

Other institutional investors have also recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its position in ADC Therapeutics by 129.0% during the 2nd quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock worth $180,000 after acquiring an additional 32,034 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of ADC Therapeutics during the second quarter worth $51,000. Rhumbline Advisers purchased a new stake in ADC Therapeutics during the second quarter valued at about $272,000. Bank of New York Mellon Corp purchased a new position in ADC Therapeutics during the 2nd quarter worth approximately $648,000. Finally, Sanibel Captiva Trust Company Inc. boosted its position in shares of ADC Therapeutics by 9.7% in the second 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 during the period. Institutional investors own 41.10% of the company’s stock.

ADC Therapeutics Trading Down 1.0 %

Shares of ADC Therapeutics stock opened at $3.05 on Wednesday. The stock has a 50-day simple moving average of $3.10 and a 200-day simple moving average of $3.65. ADC Therapeutics SA has a 52-week low of $0.36 and a 52-week high of $6.04.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.06. The company had revenue of $17.41 million for the quarter, compared to the consensus estimate of $19.06 million. During the same quarter last year, the business earned ($0.58) earnings per share. Equities research analysts expect that ADC Therapeutics SA will post -1.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ADCT shares. Cantor Fitzgerald started coverage on ADC Therapeutics in a research note on Thursday, May 30th. They issued an “overweight” rating for the company. Royal Bank of Canada restated an “outperform” rating and set a $8.00 price target on shares of ADC Therapeutics in a report on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, ADC Therapeutics has an average rating of “Moderate Buy” and a consensus 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 firm’s stock in a transaction on Monday, July 1st. The shares were purchased at an average price of $2.81 per share, for a total transaction of $1,124,000.00. Following the completion of the purchase, the insider now directly owns 12,995,040 shares of the company’s stock, valued at $36,516,062.40. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 4.05% of the company’s stock.

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.