ADC THERAPEUTICS SA ADCT
SHS · Common Stock · CUSIP H0036K147
- SectorHealth care
- IndustryPharmaceutical Preparations
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($60 this quarter). Holder counts are more reliable. Shares outstanding: 123.9m as of 2025-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $3.53. Options: 2 managers hold calls ($128.8k notional), 1 hold puts ($7.4k).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 68 |
| Q4 2022 | 62 |
| Q1 2023 | 60 |
| Q2 2023 | 57 |
| Q3 2023 | 42 |
| Q4 2023 | 39 |
| Q1 2024 | 38 |
| Q2 2024 | 75 |
| Q3 2024 | 78 |
| Q4 2024 | 84 |
| Q1 2025 | 83 |
| Q2 2025 | 87 |
| Q3 2025 | 106 |
| Q4 2025 | 115 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 18 | 21 |
| Q2 2024 | 56 | 15 |
| Q3 2024 | 48 | 24 |
| Q4 2024 | 46 | 26 |
| Q1 2025 | 39 | 32 |
| Q2 2025 | 30 | 49 |
| Q3 2025 | 53 | 26 |
| Q4 2025 | 69 | 40 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $7.0k | $10.7k | 1.52 |
| Q2 2025 | $182.8k | $291.1k | 1.59 |
| Q3 2025 | $159.2k | $363.6k | 2.28 |
| Q4 2025 | $128.8k | $7.4k | 0.06 |
Biggest buyers
| TCG Crossover Management, LLC | Added | +10.0m |
| EVENTIDE ASSET MANAGEMENT, LLC | New | +3.4m |
| Nantahala Capital Management, LLC | Added | +3.2m |
| Prosight Management, LP | Added | +1.0m |
| BlackRock, Inc. | Added | +915.6k |
| VANGUARD GROUP INC | Added | +535.6k |
| SCHRODER INVESTMENT MANAGEMENT GROUP | New | +418.8k |
| Voleon Capital Management LP | Added | +393.8k |
| ACADIAN ASSET MANAGEMENT LLC | Added | +301.5k |
| D. E. Shaw & Co., Inc. | New | +263.1k |
Biggest sellers
| Point72 Asset Management, L.P. | Reduced | -3.1m |
| Lynx1 Capital Management LP | Sold out | -1.3m |
| Opaleye Management Inc. | Sold out | -682.5k |
| CITADEL ADVISORS LLC | Reduced | -522.5k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -373.2k |
| HEIGHTS CAPITAL MANAGEMENT, INC | Sold out | -326.8k |
| JANE STREET GROUP, LLC | Reduced | -288.1k |
| JPMORGAN CHASE & CO | Reduced | -189.5k |
| Walleye Capital LLC | Sold out | -177.0k |
| PLATINUM INVESTMENT MANAGEMENT LTD | Reduced | -165.9k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $86.1k24.4k shares |
| CITADEL ADVISORS LLC | New | $42.7k12.1k shares |
Biggest puts
| SIMPLEX TRADING, LLC | Reduced | $7.4k2.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Nantahala Capital Management, LLC 13G · institution new · filed 2026-08-14 | 9.7% |
| TCG Crossover GP II, LLC 13G · passive investor new · filed 2026-02-17 | 9.2% |
| Prosight Management, LP 13G · passive investor +1.0 pts · filed 2026-02-13 | 6.8% |
| BlackRock, Inc. 13G · institution +0.4 pts · filed 2026-07-27 | 5.4% |
Fell to 5% or below in the last year: Redmile Group, LLC (9.9%, 2026-04-24), ORBIMED ADVISORS LLC (2.6%, 2026-02-17), Point72 Asset Management, L.P. (4.0%, 2026-02-17)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 0 | — | — |
| Q2 2024 | 0 | — | 8 | $161.0k | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| Redmile Group, LLC 4.07% of their portfolio | 15.7m $55.3m | Unchanged |
| TCG Crossover Management, LLC 1.33% of their portfolio | 11.4m $40.2m | Added +10.0m |
| Prosight Management, LP 6.18% of their portfolio | 8.5m $29.9m | Added +1.0m |
| ORBIMED ADVISORS LLC 0.42% of their portfolio | 5.8m $20.6m | Reduced -84.5k |
| Nantahala Capital Management, LLC 1.15% of their portfolio | 5.5m $19.3m | Added +3.2m |
| BlackRock, Inc. 0.00% of their portfolio | 5.4m $19.2m | Added +915.6k |
| Point72 Asset Management, L.P. 0.03% of their portfolio | 5.0m $17.7m | Reduced -3.1m |
| MORGAN STANLEY 0.00% of their portfolio | 3.8m $13.3m | Added +100.7k |
| EVENTIDE ASSET MANAGEMENT, LLC 0.19% of their portfolio | 3.4m $11.9m | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.6m $5.8m | Added +46.4k |
| STATE STREET CORP 0.00% of their portfolio | 1.4m $5.0m | Added +111.4k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.3m $4.6m | Reduced -62.7k |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.1m $4.0m | Added +535.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 996.5k $3.5m | Added +133.6k |
| PLATINUM INVESTMENT MANAGEMENT LTD 0.81% of their portfolio | 990.8k $3.5m | Reduced -165.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 830.9k $2.9m | Added +142.4k |
| Blue Owl Capital Holdings LP 0.91% of their portfolio | 733.6k $2.9m | Unchanged |
| Vantage Consulting Group Inc 12.23% of their portfolio | 683.0k $2.4m | Unchanged |
| PANAGORA ASSET MANAGEMENT INC 0.01% of their portfolio | 594.3k $2.1m | Added +50.0k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 529.0k $1.9m | Added +301.5k |
| STEMPOINT CAPITAL LP 0.30% of their portfolio | 502.6k $1.8m | Added +219.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 471.7k $1.7m | Reduced -189.5k |
| Voleon Capital Management LP 0.04% of their portfolio | 464.2k $1.6m | Added +393.8k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 437.6k $1.5m | Added +20.0k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio | 418.8k $1.5m | New |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 328.4k $1.2m | Reduced -373.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 320.0k $1.1m | Added +250.5k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 298.2k $1.1m | Reduced -522.5k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 263.1k $928.6k | New |
| UBS Group AG 0.00% of their portfolio | 215.2k $759.7k | Reduced -47.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 212.9k $751.6k | Reduced -37.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 212.7k $750.7k | Added +30.7k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 206.6k $729.2k | Added +61.3k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 199.8k $705.2k | Reduced -288.1k |
| Squarepoint Ops LLC 0.00% of their portfolio | 173.9k $613.8k | Reduced -1.1k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 173.0k $610.6k | Added +14.3k |
| Jump Financial, LLC 0.01% of their portfolio | 162.2k $572.7k | Added +150.7k |
| BARCLAYS PLC 0.00% of their portfolio | 161.4k $569.7k | Added +30.9k |
| FMR LLC 0.00% of their portfolio | 133.8k $472.3k | Added +370 |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 120.6k $425.6k | New |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 119.5k $421.7k | Added +74.0k |
| Nuveen, LLC 0.00% of their portfolio | 118.9k $419.8k | Reduced -52.3k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 113.4k $400.2k | New |
| Creative Planning 0.00% of their portfolio | 113.2k $399.8k | Added +6.6k |
| Florida Trust Wealth Management Co 0.01% of their portfolio | 113.0k $398.9k | Unchanged |
| KINGSWOOD WEALTH ADVISORS, LLC 0.02% of their portfolio | 105.0k $370.6k | New |
| Wilmington Savings Fund Society, FSB 0.01% of their portfolio | 100.0k $353.0k | Unchanged |
| CANTOR FITZGERALD, L. P. 0.01% of their portfolio | 100.0k $353.0k | New |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 90.7k $320.1k | Reduced -9.8k |
| XTX Topco Ltd 0.01% of their portfolio | 82.9k $292.5k | Reduced -8.7k |
| DAFNA Capital Management LLC 0.06% of their portfolio | 77.1k $272.1k | Reduced -45.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 70.8k $249.8k | Reduced -6.8k |
| Susquehanna Portfolio Strategies, LLC 0.00% of their portfolio | 64.5k $227.8k | Unchanged |
| ExodusPoint Capital Management, LP 0.00% of their portfolio | 56.8k $200.4k | Added +10.8k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 49.7k $175.4k | Added +19.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 46.8k $166.0k | Added +9.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 41.9k $147.7k | Reduced -7.7k |
| Invesco Ltd. 0.00% of their portfolio | 40.2k $141.9k | Added +1.4k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 40.0k $141.3k | Added +6.0k |
| Magnetar Financial LLC 0.00% of their portfolio | 39.1k $138.0k | Unchanged |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 36.9k $130.4k | Added +759 |
| LPL Financial LLC 0.00% of their portfolio | 31.9k $112.6k | Reduced -13.2k |
| DLK Investment Management, LLC 0.03% of their portfolio | 25.3k $89.3k | Unchanged |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 24.8k $87.4k | Added +1.6k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 24.5k $86.6k | Reduced -8.0k |
| SG Americas Securities, LLC 0.00% of their portfolio | 24.4k $86.0k | New |
| Callan Family Office, LLC 0.00% of their portfolio | 23.8k $84.2k | New |
| Saxony Capital Management, LLC 0.05% of their portfolio | 23.8k $83.9k | Unchanged |
| SEI INVESTMENTS CO 0.00% of their portfolio | 23.0k $81.2k | Unchanged |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 22.8k $80.6k | Unchanged |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 21.0k $75.4k | Added +10.5k |
| GSA CAPITAL PARTNERS LLP 0.01% of their portfolio | 20.9k $74.0k | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 20.2k $71.2k | New |
| Henrickson Nauta Wealth Advisors, Inc. 0.01% of their portfolio | 19.4k $68.7k | New |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 17.8k $62.9k | Reduced -5.0k |
| CITIGROUP INC 0.00% of their portfolio | 16.1k $56.9k | Added +12.7k |
| AXQ CAPITAL, LP 0.01% of their portfolio | 16.1k $56.8k | New |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 16.1k $56.7k | Reduced -4.5k |
| ProShare Advisors LLC 0.00% of their portfolio | 15.7k $55.5k | Added +3.3k |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 14.4k $50.7k | Added +805 |
| Ethic Inc. 0.00% of their portfolio | 12.1k $42.7k | Reduced -3.1k |
| Engineers Gate Manager LP 0.00% of their portfolio | 12.1k $42.6k | New |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 11.7k $41.5k | Added +125 |
| Quantinno Capital Management LP 0.00% of their portfolio | 10.8k $38.2k | New |
| CWM, LLC 0.00% of their portfolio | 10.4k $37.0k | Added +331 |
| AVISO WEALTH MANAGEMENT 0.02% of their portfolio | 10.3k $36.5k | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 10.3k $36.0k | Added +1.5k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 9.3k $32.9k | Added +2.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 9.1k $32.1k | Unchanged |
| Legal & General Group Plc 0.00% of their portfolio | 8.9k $31.5k | Added +839 |
| Ameritas Investment Partners, Inc. 0.00% of their portfolio | 6.9k $24.2k | Unchanged |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 5.3k $18.7k | Reduced -689 |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 4.0k $14.1k | Reduced -1.6k |
| JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio | 3.0k $10.6k | Unchanged |
| AMALGAMATED BANK 0.00% of their portfolio | 2.7k $10.0k | Added +288 |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 2.7k $9.5k | Reduced -5.5k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.7k $8.0k | New |
| EverSource Wealth Advisors, LLC 0.00% of their portfolio | 958 $3.4k | Added +11 |
| Optiver Holding B.V. 0.00% of their portfolio | 586 $2.1k | Reduced -720 |
| GAMMA Investing LLC 0.00% of their portfolio | 492 $1.7k | New |