ADC Therapeutics (NYSE:ADCT) Issues Earnings Results, Misses Expectations By $0.02 EPS

ADC Therapeutics (NYSE:ADCT) announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.02), RTT News reports. The firm had revenue of $20.85 million for the quarter, compared to analysts’ expectations of $19.99 million. During the same quarter last year, the firm posted ($0.36) earnings per share.

ADC Therapeutics Trading Down 15.4%

NYSE ADCT traded down $0.16 on Monday, hitting $0.87. 6,268,055 shares of the stock traded hands, compared to its average volume of 1,124,081. The stock has a 50-day moving average of $3.58 and a 200 day moving average of $3.80. ADC Therapeutics has a twelve month low of $0.78 and a twelve month high of $4.98. The company has a market capitalization of $110.78 million, a P/E ratio of -0.78 and a beta of 1.77.

Analysts Set New Price Targets

ADCT has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of ADC Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of ADC Therapeutics in a report on Monday, April 20th. Stephens restated an “overweight” rating and set a $5.00 target price on shares of ADC Therapeutics in a research report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a research note on Thursday. Finally, Royal Bank Of Canada downgraded shares of ADC Therapeutics from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $6.00 to $2.00 in a report on Thursday. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $6.25.

Insider Buying and Selling at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc sold 2,634,506 shares of the company’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $3.28, for a total transaction of $8,641,179.68. Following the sale, the insider directly owned 12,666,731 shares of the company’s stock, valued at approximately $41,546,877.68. This represents a 17.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders sold 5,880,415 shares of company stock valued at $19,641,067. 5.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ADC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prosight Management LP increased its position in shares of ADC Therapeutics by 13.5% during the fourth quarter. Prosight Management LP now owns 8,477,338 shares of the company’s stock valued at $29,925,000 after purchasing an additional 1,005,035 shares during the period. Nantahala Capital Management LLC increased its position in ADC Therapeutics by 141.6% in the fourth quarter. Nantahala Capital Management LLC now owns 5,475,433 shares of the company’s stock worth $19,328,000 after purchasing an additional 3,209,144 shares during the period. Bank of America Corp DE boosted its stake in ADC Therapeutics by 22.1% in the second quarter. Bank of America Corp DE now owns 2,199,059 shares of the company’s stock valued at $5,893,000 after acquiring an additional 397,905 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in ADC Therapeutics by 2.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,640,872 shares of the company’s stock worth $5,792,000 after acquiring an additional 46,438 shares during the period. Finally, State Street Corp grew its holdings in ADC Therapeutics by 8.6% during the 4th quarter. State Street Corp now owns 1,407,325 shares of the company’s stock worth $4,968,000 after acquiring an additional 111,384 shares during the period. Institutional investors and hedge funds own 41.10% of the company’s stock.

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.