Sphera Funds Management LTD. Lowers Stock Holdings in ADC Therapeutics SA (NYSE:ADCT)

Sphera Funds Management LTD. decreased its position in shares of ADC Therapeutics SA (NYSE:ADCT) by 70.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 205,036 shares of the company’s stock after selling 480,511 shares during the period. Sphera Funds Management LTD.’s holdings in ADC Therapeutics were worth $646,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of ADC Therapeutics in the second quarter worth about $33,000. Intech Investment Management LLC bought a new stake in shares of ADC Therapeutics in the 3rd quarter worth approximately $41,000. Acadian Asset Management LLC purchased a new position in ADC Therapeutics in the 2nd quarter worth approximately $51,000. Readystate Asset Management LP purchased a new stake in ADC Therapeutics during the 3rd quarter valued at $54,000. Finally, SG Americas Securities LLC purchased a new stake in ADC Therapeutics during the 3rd quarter valued at $84,000. Hedge funds and other institutional investors own 41.10% of the company’s stock.

ADC Therapeutics Price Performance

Shares of NYSE ADCT opened at $2.07 on Thursday. The company has a market cap of $200.15 million, a P/E ratio of -0.87 and a beta of 1.52. ADC Therapeutics SA has a 1 year low of $0.94 and a 1 year high of $6.04. The firm has a 50-day simple moving average of $2.78 and a two-hundred day simple moving average of $3.04.

ADC Therapeutics (NYSE:ADCT) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The firm had revenue of $18.46 million for the quarter, compared to analysts’ expectations of $18.76 million. During the same period in the previous year, the company earned ($0.58) earnings per share. As a group, equities research analysts expect that ADC Therapeutics SA will post -1.73 EPS for the current year.

Wall Street Analysts Forecast Growth

ADCT has been the subject of a number of research reports. Stephens initiated coverage on shares of ADC Therapeutics in a research note on Friday, November 8th. They set an “overweight” rating and a $6.00 target price for the company. Royal Bank of Canada restated an “outperform” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research note on Wednesday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of ADC Therapeutics in a report on Thursday, August 8th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $8.25.

About ADC Therapeutics

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.