Short Interest in ADC Therapeutics SA (NYSE:ADCT) Declines By 8.8%

ADC Therapeutics SA (NYSE:ADCT) saw a significant decrease in short interest in 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 volume of 651,900 shares, the short-interest ratio is currently 4.2 days.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

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

Institutional Trading of ADC Therapeutics

Several large investors have recently modified their holdings of ADCT. Affinity Asset Advisors LLC bought a new stake in ADC Therapeutics during the second quarter valued at approximately $1,500,000. Bank of New York Mellon Corp purchased a new position in shares of ADC Therapeutics during the 2nd quarter worth $648,000. Sanibel Captiva Trust Company Inc. bought a new stake in shares of ADC Therapeutics during the 1st quarter valued at $462,000. Rhumbline Advisers purchased a new stake in shares of ADC Therapeutics in the 2nd quarter worth $272,000. Finally, XTX Topco Ltd increased its stake 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 worth $180,000 after purchasing an additional 32,034 shares in the last quarter. Institutional investors own 41.10% of the company’s stock.

ADC Therapeutics Stock Down 1.1 %

ADCT traded down $0.04 during midday trading on Wednesday, hitting $3.09. 178,309 shares of the company traded hands, compared to its average volume of 684,891. The company’s 50-day moving average is $3.14 and its 200 day moving average is $3.69. The firm has a market capitalization of $255.37 million, a PE ratio of -1.12 and a beta of 1.58. ADC Therapeutics has a 52 week low of $0.36 and a 52 week high of $6.04.

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