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

ADC Therapeutics SA (NYSE:ADCT) saw a significant decrease in short interest during the month of August. As of August 15th, there was short interest totaling 4,510,000 shares, a decrease of 20.6% from the July 31st total of 5,680,000 shares. Based on an average daily volume of 807,400 shares, the short-interest ratio is currently 5.6 days. Based on an average daily volume of 807,400 shares, the short-interest ratio is currently 5.6 days.

ADC Therapeutics Stock Performance

Shares of NYSE:ADCT opened at $3.25 on Thursday. The company has a 50 day moving average price of $3.07 and a two-hundred day moving average price of $2.36. The company has a market capitalization of $365.06 million, a PE ratio of -2.07 and a beta of 2.00. ADC Therapeutics has a 52 week low of $1.05 and a 52 week high of $3.97.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.14). The firm had revenue of $18.84 million during the quarter, compared to the consensus estimate of $17.82 million. On average, sell-side analysts forecast that ADC Therapeutics will post -1.69 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Corient Private Wealth LLC acquired a new position in ADC Therapeutics during the second quarter worth $959,000. Bank of America Corp DE lifted its position in ADC Therapeutics by 22.1% during the 2nd quarter. Bank of America Corp DE now owns 2,199,059 shares of the company’s stock worth $5,893,000 after buying an additional 397,905 shares in the last quarter. Nantahala Capital Management LLC acquired a new position in shares of ADC Therapeutics during the 2nd quarter worth about $6,074,000. Stempoint Capital LP acquired a new position in shares of ADC Therapeutics during the 2nd quarter worth about $759,000. Finally, Panagora Asset Management Inc. grew its holdings in shares of ADC Therapeutics by 400.8% in the 2nd quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company’s stock valued at $727,000 after acquiring an additional 217,173 shares in the last quarter. 41.10% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ADCT has been the topic of a number of research reports. Wall Street Zen downgraded shares of ADC Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Royal Bank Of Canada upgraded shares of ADC Therapeutics from an “outperform” rating to a “moderate buy” rating and cut their price objective for the company from $8.00 to $5.00 in a report on Friday, June 20th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $10.00 price objective on shares of ADC Therapeutics in a research note on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $7.75.

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.