ADC Therapeutics SA (NYSE:ADCT) Short Interest Update

ADC Therapeutics SA (NYSE:ADCT) was the target of a significant decline in short interest in August. As of August 31st, there was short interest totalling 2,710,000 shares, a decline of 8.8% from the August 15th total of 2,970,000 shares. Based on an average daily trading volume, of 651,900 shares, the days-to-cover ratio is currently 4.2 days.

ADC Therapeutics Stock Up 1.5 %

ADCT traded up $0.04 during trading on Tuesday, hitting $3.13. 220,587 shares of the stock were exchanged, compared to its average volume of 687,722. ADC Therapeutics has a 1-year low of $0.36 and a 1-year high of $6.04. The stock has a fifty day moving average price of $3.14 and a two-hundred day moving average price of $3.70. The firm has a market capitalization of $258.68 million, a P/E ratio of -1.14 and a beta of 1.58.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.06. The business had revenue of $17.41 million during the quarter, compared to analysts’ expectations of $19.06 million. During the same quarter last year, the company earned ($0.58) EPS. Analysts predict that ADC Therapeutics will post -1.69 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADCT. Cantor Fitzgerald started coverage on ADC Therapeutics in a research report on Thursday, May 30th. They set an “overweight” rating on the stock. HC Wainwright restated a “buy” rating and set a $8.00 price objective on shares of ADC Therapeutics in a research report on Thursday, August 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $8.00 target price on shares of ADC Therapeutics in a report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Insider Transactions at ADC Therapeutics

In other news, major shareholder Redmile Group, Llc acquired 400,000 shares of ADC Therapeutics stock in a transaction dated Monday, July 1st. The shares were acquired at an average cost of $2.81 per share, for a total transaction of $1,124,000.00. Following the acquisition, the insider now owns 12,995,040 shares of the company’s stock, valued at $36,516,062.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.05% of the company’s stock.

Hedge Funds Weigh In On ADC Therapeutics

Several institutional investors have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. raised its position in ADC Therapeutics by 7.1% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock worth $317,000 after buying an additional 4,700 shares during the last quarter. Sanibel Captiva Trust Company Inc. lifted its position in ADC Therapeutics by 9.7% in the second quarter. Sanibel Captiva Trust Company Inc. now owns 113,000 shares of the company’s stock valued at $357,000 after purchasing an additional 10,000 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in ADC Therapeutics in the 2nd quarter valued at approximately $85,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of ADC Therapeutics during the 2nd quarter worth approximately $33,000. Finally, XTX Topco Ltd lifted its holdings in shares of ADC Therapeutics by 129.0% in the 2nd quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock valued at $180,000 after buying an additional 32,034 shares during the period. Institutional investors and hedge funds own 41.10% of the company’s stock.

ADC Therapeutics Company Profile

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.