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

ADC Therapeutics SA (NYSE:ADCT) saw a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 993,100 shares, a growth of 5.7% from the March 15th total of 939,800 shares. Based on an average daily volume of 791,000 shares, the days-to-cover ratio is presently 1.3 days. Approximately 1.8% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Guggenheim reaffirmed a “buy” rating on shares of ADC Therapeutics in a report on Friday, April 5th. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of ADC Therapeutics in a report on Monday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $8.00 price objective on shares of ADC Therapeutics in a report on Thursday, March 14th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, ADC Therapeutics presently has a consensus rating of “Hold” and a consensus price target of $7.50.

Hedge Funds Weigh In On ADC Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADCT. Moneta Group Investment Advisors LLC boosted its stake in ADC Therapeutics by 112,365.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 21,933,073 shares of the company’s stock valued at $84,223,000 after purchasing an additional 21,913,571 shares in the last quarter. Millennium Management LLC lifted its position in shares of ADC Therapeutics by 709.3% during the 4th quarter. Millennium Management LLC now owns 3,401,120 shares of the company’s stock valued at $13,060,000 after acquiring an additional 2,980,867 shares during the last quarter. Bank of America Corp DE lifted its position in shares of ADC Therapeutics by 23,287.6% during the 4th quarter. Bank of America Corp DE now owns 1,604,626 shares of the company’s stock valued at $6,162,000 after acquiring an additional 1,597,765 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in shares of ADC Therapeutics during the 1st quarter valued at $2,917,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of ADC Therapeutics during the 4th quarter valued at $2,705,000. 41.10% of the stock is owned by institutional investors.

ADC Therapeutics Stock Performance

NYSE ADCT traded up $0.07 on Wednesday, reaching $4.44. 238,230 shares of the stock traded hands, compared to its average volume of 463,759. The firm’s fifty day simple moving average is $4.59 and its 200 day simple moving average is $2.49. ADC Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.04.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings results on Wednesday, March 13th. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.56). The firm had revenue of $16.79 million for the quarter, compared to the consensus estimate of $16.58 million. ADC Therapeutics had a negative net margin of 344.15% and a negative return on equity of 1,313.37%. Research analysts forecast that ADC Therapeutics will post -2.19 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.