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

ADC Therapeutics (NYSE:ADCT) posted its 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 business had revenue of $20.85 million during the quarter, compared to analysts’ expectations of $19.99 million. During the same quarter in the previous year, the company posted ($0.36) EPS.

ADC Therapeutics Stock Up 5.5%

NYSE ADCT opened at $1.15 on Wednesday. The firm’s 50 day moving average is $2.93 and its 200-day moving average is $3.54. The company has a market capitalization of $146.27 million, a PE ratio of -1.10 and a beta of 1.77. ADC Therapeutics has a 12-month low of $0.78 and a 12-month high of $4.98.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada downgraded shares of ADC Therapeutics from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $6.00 to $2.00 in a research report on Thursday, June 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADC Therapeutics in a research report on Monday, April 20th. Wall Street Zen lowered shares of ADC Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of ADC Therapeutics in a report on Thursday, June 4th. Finally, HC Wainwright downgraded ADC Therapeutics from a “buy” rating to a “neutral” rating in a research note on Monday, June 8th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $6.25.

Insider Buying and Selling

In related news, major shareholder Redmile Group, Llc sold 2,634,506 shares of the firm’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 owned 12,666,731 shares of the company’s stock, valued at approximately $41,546,877.68. This trade represents a 17.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 5,880,415 shares of company stock worth $19,641,067 in the last ninety days. Corporate insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On ADC Therapeutics

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

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.