ADC Therapeutics SA (NYSE:ADCT) Short Interest Down 8.8% in August

ADC Therapeutics SA (NYSE:ADCT) saw a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 2,710,000 shares, a decrease 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 presently 4.2 days.

Insider Buying and Selling at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc bought 400,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were bought at an average price of $2.81 per share, with a total value of $1,124,000.00. Following the completion of the transaction, the insider now directly owns 12,995,040 shares of the company’s stock, valued at approximately $36,516,062.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.05% of the stock is currently owned by corporate insiders.

Institutional Trading of ADC Therapeutics

A number of large investors have recently made changes to their positions in ADCT. Susquehanna Fundamental Investments LLC purchased a new stake in shares of ADC Therapeutics during the second quarter worth approximately $33,000. Acadian Asset Management LLC purchased a new position in ADC Therapeutics in the second quarter valued at approximately $51,000. The Manufacturers Life Insurance Company purchased a new position in ADC Therapeutics in the second quarter valued at approximately $85,000. XTX Topco Ltd increased its stake in ADC Therapeutics by 129.0% in the second quarter. XTX Topco Ltd now owns 56,863 shares of the company’s stock valued at $180,000 after purchasing an additional 32,034 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in ADC Therapeutics in the second quarter valued at approximately $272,000. 41.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on ADCT. Cantor Fitzgerald initiated coverage on shares of ADC Therapeutics in a research report on Thursday, May 30th. They issued an “overweight” rating on the stock. HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Thursday, August 8th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $9.00.

ADC Therapeutics Stock Performance

Shares of ADCT opened at $3.09 on Thursday. The company’s 50-day simple moving average is $3.14 and its 200-day simple moving average is $3.69. ADC Therapeutics has a 1 year low of $0.36 and a 1 year high of $6.04. The stock has a market capitalization of $255.37 million, a PE ratio of -1.12 and a beta of 1.58.

ADC Therapeutics (NYSE:ADCT) last released its earnings results on Tuesday, August 6th. The company reported ($0.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.06. The firm had revenue of $17.41 million for the quarter, compared to analysts’ expectations of $19.06 million. During the same quarter in the previous year, the company posted ($0.58) earnings per share. On average, sell-side analysts predict that ADC Therapeutics will post -1.69 earnings per share for the current year.

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.