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

ADC Therapeutics SA (NYSE:ADCT) was the recipient of a significant growth in short interest in July. As of July 15th, there was short interest totalling 3,190,000 shares, a growth 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 Stock Up 2.4 %

ADCT stock traded up $0.09 during trading on Thursday, hitting $3.82. The company had a trading volume of 418,486 shares, compared to its average volume of 772,176. The firm has a 50-day moving average price of $3.38 and a 200-day moving average price of $3.84. ADC Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.04. The stock has a market cap of $316.22 million, a price-to-earnings ratio of -1.39 and a beta of 1.59.

ADC Therapeutics (NYSE:ADCT) last posted its quarterly earnings data on Monday, May 6th. The company reported ($0.56) earnings per share for the quarter, hitting the consensus estimate of ($0.56). The company had revenue of $18.05 million during the quarter, compared to the consensus estimate of $18.19 million. During the same quarter last year, the firm earned ($0.74) EPS. Equities analysts expect that ADC Therapeutics will post -1.92 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Guggenheim reaffirmed a “buy” rating on shares of ADC Therapeutics in a report on Friday, April 5th. Cantor Fitzgerald assumed coverage on shares of ADC Therapeutics in a report on Thursday, May 30th. They set an “overweight” rating for the company. Finally, HC Wainwright dropped their price objective on shares of ADC Therapeutics from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, May 7th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Insider Buying and Selling

In other ADC Therapeutics news, major shareholder Redmile Group, Llc purchased 400,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was purchased at an average price of $2.81 per share, with a total value of $1,124,000.00. Following the completion of the transaction, the insider now directly 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 SEC, which is available through the SEC website. In related news, CEO Ameet Mallik sold 29,731 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $4.48, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Redmile Group, Llc acquired 400,000 shares of the company’s stock in a transaction dated 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 acquisition, the insider now owns 12,995,040 shares of the company’s stock, valued at approximately $36,516,062.40. The disclosure for this purchase can be found here. Company insiders own 4.05% of the company’s stock.

Institutional Trading of ADC Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Sanibel Captiva Trust Company Inc. grew its holdings in ADC Therapeutics by 9.7% during the 2nd quarter. Sanibel Captiva Trust Company Inc. now owns 113,000 shares of the company’s stock worth $357,000 after acquiring an additional 10,000 shares during the period. Hennion & Walsh Asset Management Inc. grew its holdings in ADC Therapeutics by 7.1% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock worth $317,000 after acquiring an additional 4,700 shares during the period. Finally, Saxony Capital Management LLC acquired a new stake in ADC Therapeutics during the 4th quarter worth $34,000. Institutional investors and hedge funds own 41.10% of the company’s stock.

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.