ADC Therapeutics SA (NYSE:ADCT) Sees Large Drop in Short Interest

ADC Therapeutics SA (NYSE:ADCT) was the target of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 4,860,000 shares, a decline of 6.2% from the January 15th total of 5,180,000 shares. Based on an average daily trading volume, of 921,800 shares, the short-interest ratio is presently 5.3 days.

ADC Therapeutics Stock Performance

ADCT opened at $1.66 on Thursday. The stock has a market capitalization of $160.02 million, a price-to-earnings ratio of -0.69 and a beta of 1.54. The company has a fifty day moving average of $1.81 and a two-hundred day moving average of $2.48. ADC Therapeutics has a fifty-two week low of $1.39 and a fifty-two week high of $6.04.

Insider Transactions at ADC Therapeutics

In other ADC Therapeutics news, major shareholder Redmile Group, Llc bought 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average cost of $3.04 per share, for a total transaction of $304,000.00. Following the completion of the transaction, the insider now directly owns 13,145,712 shares of the company’s stock, valued at approximately $39,962,964.48. This trade represents a 0.77 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.10% of the company’s stock.

Institutional Trading of ADC Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Redmile Group LLC increased its stake in shares of ADC Therapeutics by 2.6% during the third quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock worth $49,358,000 after purchasing an additional 400,000 shares in the last quarter. Orbimed Advisors LLC boosted its holdings in ADC Therapeutics by 31.6% in the 4th quarter. Orbimed Advisors LLC now owns 5,968,451 shares of the company’s stock valued at $11,877,000 after purchasing an additional 1,434,650 shares during the last quarter. Woodline Partners LP acquired a new position in ADC Therapeutics in the 4th quarter valued at about $3,848,000. Platinum Investment Management Ltd. boosted its holdings in ADC Therapeutics by 11.6% in the 4th quarter. Platinum Investment Management Ltd. now owns 1,612,556 shares of the company’s stock valued at $3,209,000 after purchasing an additional 168,040 shares during the last quarter. Finally, State Street Corp boosted its holdings in ADC Therapeutics by 11.6% in the 3rd quarter. State Street Corp now owns 1,106,011 shares of the company’s stock valued at $3,484,000 after purchasing an additional 114,715 shares during the last quarter. Hedge funds and other institutional investors own 41.10% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ADCT shares. Stephens started coverage on shares of ADC Therapeutics in a research report on Friday, November 8th. They set an “overweight” rating and a $6.00 target price for the company. Guggenheim restated a “buy” rating and set a $10.00 target price on shares of ADC Therapeutics in a research report on Thursday, December 12th. Finally, HC Wainwright restated a “buy” rating and set a $8.00 target price on shares of ADC Therapeutics in a research report on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $8.00.

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.