Platinum Investment Management Ltd. Cuts Stock Holdings in ADC Therapeutics SA $ADCT

Key Points

• Platinum Investment Management Ltd. reduced its stake in ADC Therapeutics SA by 31.9%, selling 650,822 shares to hold 1,387,265 shares valued at approximately $3.7 million.
• Several other hedge funds, including Deutsche Bank AG and Nuveen Asset Management LLC, increased their holdings in ADC Therapeutics during the last quarter, with some increasing stakes by up to 122.9%.
• ADC Therapeutics reported a quarterly earnings miss with an EPS of ($0.50), missing the consensus estimate of ($0.36), while its revenue was slightly above expectations at $18.84 million.

Platinum Investment Management Ltd. trimmed its position in shares of ADC Therapeutics SA (NYSE:ADCT - Free Report) by 31.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,387,265 shares of the company's stock after selling 650,822 shares during the quarter. Platinum Investment Management Ltd. owned 1.40% of ADC Therapeutics worth $3,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Deutsche Bank AG boosted its holdings in ADC Therapeutics by 40.7% during the fourth quarter. Deutsche Bank AG now owns 56,062 shares of the company's stock worth $112,000 after purchasing an additional 16,217 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of ADC Therapeutics by 17.8% in the 4th quarter. Nuveen Asset Management LLC now owns 152,047 shares of the company's stock worth $303,000 after buying an additional 22,989 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of ADC Therapeutics by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 22,901 shares of the company's stock worth $46,000 after buying an additional 7,535 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of ADC Therapeutics by 122.9% in the 4th quarter. Two Sigma Advisers LP now owns 65,267 shares of the company's stock worth $130,000 after buying an additional 35,991 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of ADC Therapeutics by 42.2% in the 4th quarter. Squarepoint Ops LLC now owns 107,231 shares of the company's stock worth $213,000 after buying an additional 31,839 shares during the last quarter. 41.10% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADCT has been the topic of several research analyst reports. Royal Bank Of Canada raised ADC Therapeutics from an "outperform" rating to a "moderate buy" rating and cut their price objective for the stock from $8.00 to $5.00 in a research report on Friday, June 20th. Guggenheim reissued a "buy" rating and issued a $10.00 price target on shares of ADC Therapeutics in a report on Wednesday, August 13th. Finally, Wall Street Zen downgraded shares of ADC Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, ADC Therapeutics currently has an average rating of "Buy" and a consensus price target of $7.75.

ADC Therapeutics Price Performance

Shares of NYSE ADCT opened at $4.00 on Thursday. ADC Therapeutics SA has a one year low of $1.05 and a one year high of $4.07. The business's fifty day moving average price is $3.20 and its 200-day moving average price is $2.54. The stock has a market capitalization of $449.44 million, a PE ratio of -2.54 and a beta of 1.99.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.14). The firm had revenue of $18.84 million during the quarter, compared to analysts' expectations of $17.82 million. As a group, equities analysts expect that ADC Therapeutics SA will post -1.69 EPS for the current fiscal year.

ADC Therapeutics Company 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.

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