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

ADC Therapeutics SA (NYSE:ADCT) was the recipient of a large 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 short-interest ratio is currently 4.2 days.

Insider Activity

In other news, major shareholder Redmile Group, Llc bought 400,000 shares of ADC Therapeutics stock in a transaction that occurred on Monday, July 1st. The stock was bought at an average cost of $2.81 per share, with a total value of $1,124,000.00. Following the acquisition, the insider now owns 12,995,040 shares of the company’s stock, valued at approximately $36,516,062.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.05% of the company’s stock.

Institutional Trading of ADC Therapeutics

Hedge funds have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC purchased a new stake in shares of ADC Therapeutics in the second quarter valued at $33,000. Acadian Asset Management LLC purchased a new stake in ADC Therapeutics in the 2nd quarter worth about $51,000. The Manufacturers Life Insurance Company bought a new stake in ADC Therapeutics in the second quarter worth about $85,000. XTX Topco Ltd lifted 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 worth $180,000 after purchasing an additional 32,034 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of ADC Therapeutics during the second quarter valued at approximately $272,000. 41.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ADCT shares. HC Wainwright restated a “buy” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a research report on Thursday, August 8th. Cantor Fitzgerald assumed coverage on ADC Therapeutics in a report on Thursday, May 30th. They issued an “overweight” rating on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $8.00 price objective on shares of ADC Therapeutics in a research report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

ADC Therapeutics Stock Down 1.1 %

ADC Therapeutics stock traded down $0.04 during midday trading on Wednesday, reaching $3.09. 178,309 shares of the stock traded hands, compared to its average volume of 684,891. The stock has a market cap of $255.37 million, a P/E ratio of -1.12 and a beta of 1.58. The stock’s fifty day moving average is $3.14 and its 200-day moving average is $3.69. ADC Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.04.

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