Insider Selling: ADC Therapeutics (NYSE:ADCT) Major Shareholder Sells $8,641,179.68 in Stock

ADC Therapeutics SA (NYSE:ADCT) major shareholder Redmile Group, Llc sold 2,634,506 shares of the company’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $3.28, for a total value of $8,641,179.68. Following the completion of the transaction, the insider directly owned 12,666,731 shares in the company, valued at $41,546,877.68. This represents a 17.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Redmile Group, Llc also recently made the following trade(s):

• On Thursday, April 2nd, Redmile Group, Llc sold 2,529,491 shares of ADC Therapeutics stock. The shares were sold at an average price of $3.28, for a total transaction of $8,296,730.48.
• On Wednesday, April 1st, Redmile Group, Llc sold 169,265 shares of ADC Therapeutics stock. The stock was sold at an average price of $3.80, for a total transaction of $643,207.00.
• On Wednesday, April 1st, Redmile Group, Llc sold 162,517 shares of ADC Therapeutics stock. The stock was sold at an average price of $3.80, for a total transaction of $617,564.60.
• On Tuesday, March 31st, Redmile Group, Llc sold 196,229 shares of ADC Therapeutics stock. The stock was sold at an average price of $3.75, for a total transaction of $735,858.75.
• On Tuesday, March 31st, Redmile Group, Llc sold 188,407 shares of ADC Therapeutics stock. The shares were sold at an average price of $3.75, for a total transaction of $706,526.25.

ADC Therapeutics Stock Performance

Shares of NYSE:ADCT traded up $0.01 during mid-day trading on Thursday, hitting $3.81. The stock had a trading volume of 1,355,030 shares, compared to its average volume of 874,276. The company’s 50 day moving average is $4.02 and its 200-day moving average is $3.95. ADC Therapeutics SA has a 12-month low of $1.05 and a 12-month high of $4.98. The company has a market cap of $483.39 million, a PE ratio of -3.17 and a beta of 1.94.

ADC Therapeutics (NYSE:ADCT) last posted its quarterly earnings data on Saturday, February 14th. The company reported ($0.09) earnings per share for the quarter. The business had revenue of $23.06 million for the quarter. On average, equities research analysts predict that ADC Therapeutics SA will post -1.69 EPS for the current fiscal year.

Institutional Trading of ADC Therapeutics

Hedge funds have recently bought and sold shares of the stock. Engineers Gate Manager LP acquired a new stake in shares of ADC Therapeutics during the 4th quarter worth approximately $43,000. AQR Capital Management LLC boosted its stake in ADC Therapeutics by 42.2% during the fourth quarter. AQR Capital Management LLC now owns 206,576 shares of the company’s stock worth $729,000 after buying an additional 61,324 shares in the last quarter. Cantor Fitzgerald L. P. bought a new stake in ADC Therapeutics in the 4th quarter valued at $353,000. Jump Financial LLC increased its holdings in ADC Therapeutics by 1,299.8% in the 4th quarter. Jump Financial LLC now owns 162,250 shares of the company’s stock valued at $573,000 after buying an additional 150,659 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of ADC Therapeutics by 25.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 46,750 shares of the company’s stock valued at $166,000 after buying an additional 9,537 shares in the last quarter. 41.10% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADCT has been the topic of several research analyst reports. HC Wainwright raised their price target on ADC Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Monday, March 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of ADC Therapeutics in a report on Wednesday, January 21st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $5.00 target price on shares of ADC Therapeutics in a research note on Wednesday, December 3rd. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.67.

About ADC Therapeutics

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.