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

ADC Therapeutics SA (NYSE:ADCT) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 4,860,000 shares, an increase of 18.0% from the December 15th total of 4,120,000 shares. Based on an average daily volume of 865,500 shares, the days-to-cover ratio is currently 5.6 days.

ADC Therapeutics Price Performance

Shares of NYSE ADCT traded up $0.07 during mid-day trading on Friday, hitting $1.82. The company had a trading volume of 548,927 shares, compared to its average volume of 824,413. The stock has a market cap of $175.49 million, a price-to-earnings ratio of -0.76 and a beta of 1.55. ADC Therapeutics has a 12 month low of $1.68 and a 12 month high of $6.04. The firm’s 50 day simple moving average is $2.16 and its two-hundred day simple moving average is $2.77.

ADC Therapeutics (NYSE:ADCT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The company had revenue of $18.46 million during the quarter, compared to analyst estimates of $18.76 million. During the same quarter last year, the business posted ($0.58) earnings per share. Equities analysts forecast that ADC Therapeutics will post -1.69 earnings per share for the current year.

Insider Buying and Selling at ADC Therapeutics

In other ADC Therapeutics news, major shareholder Redmile Group, Llc sold 25,352 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $2.07, for a total transaction of $52,478.64. Following the transaction, the insider now owns 15,566,731 shares of the company’s stock, valued at $32,223,133.17. This trade represents a 0.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.10% of the stock is owned by insiders.

Institutional Trading of ADC Therapeutics

Hedge funds have recently made changes to their positions in the stock. Redmile Group LLC raised its stake in ADC Therapeutics by 2.6% during the 3rd quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock valued at $49,358,000 after acquiring an additional 400,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in ADC Therapeutics by 10.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 194,258 shares of the company’s stock valued at $612,000 after acquiring an additional 18,796 shares in the last quarter. Geode Capital Management LLC raised its stake in ADC Therapeutics by 15.6% during the 3rd quarter. Geode Capital Management LLC now owns 953,171 shares of the company’s stock valued at $3,002,000 after acquiring an additional 128,454 shares in the last quarter. Barclays PLC raised its stake in ADC Therapeutics by 277.4% during the 3rd quarter. Barclays PLC now owns 127,739 shares of the company’s stock valued at $402,000 after acquiring an additional 93,890 shares in the last quarter. Finally, State Street Corp raised its stake in ADC Therapeutics by 11.6% during the 3rd quarter. State Street Corp now owns 1,106,011 shares of the company’s stock valued at $3,484,000 after acquiring an additional 114,715 shares in the last quarter. Institutional investors own 41.10% of the company’s stock.

Analysts Set New Price Targets

ADCT has been the topic of a number of research analyst reports. Guggenheim reaffirmed a “buy” rating and set a $10.00 target price on shares of ADC Therapeutics in a report on Thursday, December 12th. Stephens initiated coverage on ADC Therapeutics in a report on Friday, November 8th. They set an “overweight” rating and a $6.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of ADC Therapeutics in a report on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $8.00.

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.