Charles Schwab Investment Management Inc. Boosts Stock Position in ADC Therapeutics SA (NYSE:ADCT)

Charles Schwab Investment Management Inc. lifted its stake in ADC Therapeutics SA (NYSE:ADCT) by 10.7% in the third quarter, Holdings Channel.com reports. The fund owned 194,258 shares of the company’s stock after purchasing an additional 18,796 shares during the period. Charles Schwab Investment Management Inc.’s holdings in ADC Therapeutics were worth $612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC bought a new position in ADC Therapeutics in the 2nd quarter worth about $33,000. Intech Investment Management LLC purchased a new stake in shares of ADC Therapeutics in the third quarter worth about $41,000. Acadian Asset Management LLC bought a new position in shares of ADC Therapeutics in the second quarter valued at approximately $51,000. SG Americas Securities LLC purchased a new position in ADC Therapeutics during the third quarter valued at approximately $84,000. Finally, The Manufacturers Life Insurance Company bought a new stake in ADC Therapeutics during the 2nd quarter worth approximately $85,000. 41.10% of the stock is currently owned by institutional investors.

Insider Activity at ADC Therapeutics

In other news, major shareholder Redmile Group, Llc acquired 100,000 shares of the stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average cost of $3.04 per share, with a total value of $304,000.00. Following the completion of the purchase, the insider now owns 13,145,712 shares in the company, valued at approximately $39,962,964.48. The trade was a 0.77 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.10% of the stock is currently owned by insiders.

ADC Therapeutics Stock Performance

ADC Therapeutics stock opened at $1.91 on Thursday. ADC Therapeutics SA has a fifty-two week low of $1.18 and a fifty-two week high of $6.04. The firm’s fifty day moving average price is $2.63 and its 200-day moving average price is $2.95. The stock has a market cap of $184.68 million, a P/E ratio of -0.80 and a beta of 1.52.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). The business had revenue of $18.46 million during the quarter, compared to analyst estimates of $18.76 million. During the same quarter last year, the firm earned ($0.58) EPS. On average, analysts predict that ADC Therapeutics SA will post -1.67 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Guggenheim reissued a “buy” rating and issued a $10.00 price target on shares of ADC Therapeutics in a report on Thursday, December 12th. Stephens initiated coverage on ADC Therapeutics in a research report on Friday, November 8th. They issued an “overweight” rating and a $6.00 price objective on the stock. Finally, HC Wainwright restated a “buy” rating on shares of ADC Therapeutics in a research report on Wednesday, December 11th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $8.00.

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.