ADC Therapeutics SA $ADCT Stock Holdings Reduced by Prosight Management LP

Key Points

• Prosight Management LP trimmed its position by 28.6% in Q3, selling 2,995,468 shares and now holds 7,472,303 ADC Therapeutics shares (about 6.03% of the company), a holding worth roughly $29.9 million and the firm's third-largest position (≈7.0% of its portfolio).
• ADC Therapeutics shares opened at $4.13 and were down about 5.2%, with a market cap near $524 million and a 52-week range of $1.05–$4.98; the company recently reported an EPS of ($0.04) versus a ($0.32) estimate and revenue of $23.06 million versus $22.29 million.
• Analyst sentiment is mixed but leans positive, with a consensus rating of "Moderate Buy" and a consensus price target of $7.33 (three Buy ratings vs. one Sell, including a Weiss sell and an RBC outperform with a $5 target).

Prosight Management LP trimmed its position in shares of ADC Therapeutics SA (NYSE:ADCT - Free Report) by 28.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,472,303 shares of the company's stock after selling 2,995,468 shares during the period. ADC Therapeutics accounts for approximately 7.0% of Prosight Management LP's portfolio, making the stock its 3rd largest holding. Prosight Management LP owned 6.03% of ADC Therapeutics worth $29,889,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of ADCT. Corient Private Wealth LLC purchased a new position in shares of ADC Therapeutics during the 2nd quarter valued at $959,000. Stempoint Capital LP bought a new position in shares of ADC Therapeutics during the 2nd quarter worth $759,000. Panagora Asset Management Inc. increased its holdings in ADC Therapeutics by 400.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company's stock worth $727,000 after acquiring an additional 217,173 shares during the last quarter. Creative Planning bought a new stake in ADC Therapeutics in the 2nd quarter valued at about $96,000. Finally, BNP Paribas Financial Markets raised its stake in ADC Therapeutics by 15.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 688,471 shares of the company's stock valued at $2,754,000 after acquiring an additional 90,679 shares during the period. 41.10% of the stock is owned by hedge funds and other institutional investors.

ADC Therapeutics Stock Down 5.2%

Shares of NYSE ADCT opened at $4.13 on Friday. The company has a market cap of $524.04 million, a P/E ratio of -3.44 and a beta of 1.92. ADC Therapeutics SA has a 52 week low of $1.05 and a 52 week high of $4.98. The business has a 50-day simple moving average of $3.95 and a two-hundred day simple moving average of $3.89.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last announced its quarterly earnings results on Tuesday, March 10th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.28. The company had revenue of $23.06 million for the quarter, compared to the consensus estimate of $22.29 million. Equities research analysts anticipate that ADC Therapeutics SA will post -1.69 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of ADC Therapeutics in a research report on Wednesday, January 21st. Royal Bank Of Canada reissued an "outperform" rating and issued a $5.00 price target on shares of ADC Therapeutics in a research report on Wednesday, December 3rd. Finally, Wall Street Zen upgraded shares of ADC Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, November 15th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $7.33.

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.

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