ADC Therapeutics SA (NYSE:ADCT) Sees Significant Growth in Short Interest

ADC Therapeutics SA (NYSE:ADCT) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 3,190,000 shares, an increase of 289.3% from the June 30th total of 819,500 shares. Based on an average daily volume of 784,600 shares, the short-interest ratio is presently 4.1 days.

ADC Therapeutics Price Performance

Shares of NYSE:ADCT traded down $0.19 during midday trading on Friday, hitting $3.64. 432,473 shares of the company’s stock were exchanged, compared to its average volume of 769,802. The stock has a 50 day moving average price of $3.37 and a 200-day moving average price of $3.86. The company has a market cap of $300.89 million, a PE ratio of -1.32 and a beta of 1.59. ADC Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.04.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Monday, May 6th. The company reported ($0.56) EPS for the quarter, hitting the consensus estimate of ($0.56). The business had revenue of $18.05 million for the quarter, compared to the consensus estimate of $18.19 million. During the same period in the previous year, the firm earned ($0.74) earnings per share. On average, analysts anticipate that ADC Therapeutics will post -1.92 EPS for the current fiscal year.

Insider Transactions at ADC Therapeutics

In other news, CEO Ameet Mallik sold 29,731 shares of ADC Therapeutics stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $4.48, for a total transaction of $133,194.88. Following the transaction, the chief executive officer now owns 1,167,348 shares in the company, valued at $5,229,719.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Ameet Mallik sold 29,731 shares of ADC Therapeutics stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $4.48, for a total transaction of $133,194.88. Following the completion of the transaction, the chief executive officer now owns 1,167,348 shares of the company’s stock, valued at $5,229,719.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Redmile Group, Llc bought 400,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were purchased at an average cost of $2.81 per share, with a total value of $1,124,000.00. Following the purchase, the insider now directly owns 12,995,040 shares of the company’s stock, valued at $36,516,062.40. The disclosure for this purchase can be found here. 4.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADCT. Saxony Capital Management LLC bought a new stake in shares of ADC Therapeutics in the fourth quarter valued at approximately $34,000. Hennion & Walsh Asset Management Inc. raised its position in shares of ADC Therapeutics by 7.1% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock valued at $317,000 after purchasing an additional 4,700 shares during the period. Sanibel Captiva Trust Company Inc. bought a new stake in shares of ADC Therapeutics in the first quarter valued at approximately $462,000. Finally, Bank of New York Mellon Corp bought a new stake in ADC Therapeutics during the 2nd quarter worth approximately $648,000. 41.10% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADCT has been the subject of several research analyst reports. Cantor Fitzgerald initiated coverage on shares of ADC Therapeutics in a research note on Thursday, May 30th. They issued an “overweight” rating for the company. Guggenheim reaffirmed a “buy” rating on shares of ADC Therapeutics in a research note on Friday, April 5th. Finally, HC Wainwright decreased their price target on shares of ADC Therapeutics from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, May 7th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, ADC Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

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.