Bank of America Corp DE Lowers Stake in ADC Therapeutics SA (NYSE:ADCT)

Bank of America Corp DE reduced its stake in shares of ADC Therapeutics SA (NYSE:ADCT - Free Report) by 48.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,291,244 shares of the company's stock after selling 1,206,696 shares during the quarter. Bank of America Corp DE owned about 1.34% of ADC Therapeutics worth $2,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kazazian Asset Management LLC purchased a new position in shares of ADC Therapeutics in the 4th quarter worth $26,000. Two Sigma Securities LLC purchased a new stake in shares of ADC Therapeutics in the fourth quarter valued at approximately $30,000. Russell Investments Group Ltd. lifted its holdings in shares of ADC Therapeutics by 122.6% in the 4th quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company's stock worth $33,000 after buying an additional 9,248 shares during the period. Prudential Financial Inc. bought a new position in shares of ADC Therapeutics during the 4th quarter worth $35,000. Finally, Sei Investments Co. purchased a new position in shares of ADC Therapeutics during the fourth quarter valued at $46,000. Institutional investors own 41.10% of the company's stock.

Wall Street Analysts Forecast Growth

ADCT has been the subject of a number of research reports. Guggenheim lowered their price objective on shares of ADC Therapeutics from $10.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Cantor Fitzgerald reissued an "overweight" rating on shares of ADC Therapeutics in a report on Friday, March 7th. Royal Bank of Canada restated an "outperform" rating and set a $8.00 target price on shares of ADC Therapeutics in a report on Thursday, May 15th. Stephens increased their price target on shares of ADC Therapeutics from $6.00 to $8.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research report on Monday, March 31st. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $7.75.

ADC Therapeutics Stock Performance

NYSE:ADCT traded up $0.09 during mid-day trading on Tuesday, hitting $3.60. 1,728,991 shares of the company's stock traded hands, compared to its average volume of 621,955. The company has a fifty day moving average of $1.60 and a 200 day moving average of $1.78. ADC Therapeutics SA has a twelve month low of $1.05 and a twelve month high of $4.13. The company has a market capitalization of $356.54 million, a P/E ratio of -1.50 and a beta of 1.54.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported ($0.36) EPS for the quarter, topping analysts' consensus estimates of ($0.38) by $0.02. The company had revenue of $23.03 million during the quarter, compared to analyst estimates of $17.71 million. On average, research analysts expect that ADC Therapeutics SA will post -1.69 earnings per share for the current fiscal year.

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.