Millennium Management LLC Lowers Position in ADC Therapeutics SA (NYSE:ADCT)

Millennium Management LLC reduced its position in ADC Therapeutics SA (NYSE:ADCT - Free Report) by 42.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 411,124 shares of the company's stock after selling 301,277 shares during the quarter. Millennium Management LLC owned approximately 0.43% of ADC Therapeutics worth $818,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ADCT. Kazazian Asset Management LLC purchased a new stake in ADC Therapeutics during the 4th quarter worth about $26,000. Two Sigma Securities LLC purchased a new stake in ADC Therapeutics during the 4th quarter worth about $30,000. Russell Investments Group Ltd. increased its holdings in ADC Therapeutics by 122.6% during the 4th quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company's stock worth $33,000 after purchasing an additional 9,248 shares during the period. Prudential Financial Inc. purchased a new stake in ADC Therapeutics during the 4th quarter worth about $35,000. Finally, Sei Investments Co. acquired a new position in shares of ADC Therapeutics during the 4th quarter worth about $46,000. Hedge funds and other institutional investors own 41.10% of the company's stock.

ADC Therapeutics Stock Performance

Shares of ADCT stock traded down $0.10 during mid-day trading on Monday, hitting $3.57. 757,801 shares of the stock were exchanged, compared to its average volume of 619,321. The stock's fifty day simple moving average is $1.81 and its two-hundred day simple moving average is $1.83. The stock has a market capitalization of $354.07 million, a price-to-earnings ratio of -1.49 and a beta of 1.96. ADC Therapeutics SA has a 12-month low of $1.05 and a 12-month high of $4.13.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.02. The firm had revenue of $23.03 million for the quarter, compared to analysts' expectations 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.

Wall Street Analysts Forecast Growth

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

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.