Orbimed Advisors LLC Has $4.94 Million Stock Position in ADC Therapeutics SA $ADCT

Key Points

• Orbimed Advisors cut its ADC Therapeutics stake by 77.4% in the first quarter, selling 4.5 million shares and retaining 1.32 million shares worth approximately $4.94 million. Institutional investors and hedge funds collectively own 41.1% of the company.
• ADCT shares opened at $1.18, well below their 50-day and 200-day moving averages of $1.73 and $3.14, respectively. The stock has a 52-week range of $0.78 to $4.98 and a market capitalization of about $149.5 million.
• The company reported a quarterly loss of $0.21 per share, missing estimates by $0.02, despite revenue exceeding expectations. Analyst sentiment is mixed, with a consensus “Hold” rating and a $6.25 target price.

Orbimed Advisors LLC lessened its stake in shares of ADC Therapeutics SA (NYSE:ADCT - Free Report) by 77.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,318,026 shares of the company's stock after selling 4,504,828 shares during the period. Orbimed Advisors LLC owned about 1.04% of ADC Therapeutics worth $4,943,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of ADC Therapeutics in the 1st quarter valued at approximately $1,122,000. Sei Investments Co. raised its stake in ADC Therapeutics by 45.6% during the 1st quarter. Sei Investments Co. now owns 33,461 shares of the company's stock valued at $125,000 after purchasing an additional 10,472 shares during the period. Walleye Capital LLC acquired a new stake in ADC Therapeutics during the 1st quarter valued at $290,000. Bank of New York Mellon Corp lifted its holdings in shares of ADC Therapeutics by 16.9% in the first quarter. Bank of New York Mellon Corp now owns 202,254 shares of the company's stock valued at $758,000 after purchasing an additional 29,267 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in ADC Therapeutics in the 1st quarter worth about $38,000. 41.10% of the stock is currently owned by institutional investors and hedge funds.

ADC Therapeutics Stock Performance

Shares of ADCT opened at $1.18 on Monday. The stock has a 50 day simple moving average of $1.73 and a 200 day simple moving average of $3.14. ADC Therapeutics SA has a 52-week low of $0.78 and a 52-week high of $4.98. The firm has a market capitalization of $149.45 million, a PE ratio of -1.12 and a beta of 1.87.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.02). The firm had revenue of $20.85 million for the quarter, compared to the consensus estimate of $19.99 million. During the same period last year, the company earned ($0.36) earnings per share. Equities research analysts predict that ADC Therapeutics SA will post -0.88 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADCT. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of ADC Therapeutics in a research report on Thursday, June 4th. Royal Bank Of Canada cut ADC Therapeutics from an "outperform" rating to a "sector perform" rating and reduced their price objective for the company from $6.00 to $2.00 in a research report on Thursday, June 4th. Stephens reiterated an "overweight" rating and issued a $5.00 target price on shares of ADC Therapeutics in a research note on Thursday, June 4th. HC Wainwright downgraded ADC Therapeutics from a "buy" rating to a "neutral" rating in a report on Monday, June 8th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of ADC Therapeutics in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $6.25.

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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