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

ADC Therapeutics SA (NYSE:ADCT) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 4,860,000 shares, a drop of 6.2% from the January 15th total of 5,180,000 shares. Based on an average daily trading volume, of 921,800 shares, the days-to-cover ratio is currently 5.3 days.

ADC Therapeutics Trading Up 4.7 %

NYSE:ADCT opened at $1.68 on Wednesday. The company’s 50-day moving average price is $1.82 and its 200-day moving average price is $2.48. The company has a market cap of $161.96 million, a P/E ratio of -0.70 and a beta of 1.54. ADC Therapeutics has a twelve month low of $1.39 and a twelve month high of $6.04.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Guggenheim reiterated a “buy” rating and issued a $10.00 target price on shares of ADC Therapeutics in a research report on Thursday, December 12th. HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of ADC Therapeutics in a research report on Monday, January 6th. Finally, Stephens assumed coverage on shares of ADC Therapeutics in a research report on Friday, November 8th. They issued an “overweight” rating and a $6.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, ADC Therapeutics presently has a consensus rating of “Buy” and an average price target of $8.00.

Insider Activity at ADC Therapeutics

In related news, major shareholder Redmile Group, Llc bought 100,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average price of $3.04 per share, for a total transaction of $304,000.00. Following the completion of the transaction, the insider now directly owns 13,145,712 shares in the company, valued at $39,962,964.48. This trade represents a 0.77 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On ADC Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ADCT. Kazazian Asset Management LLC purchased a new position in shares of ADC Therapeutics in the fourth quarter worth about $26,000. Two Sigma Securities LLC purchased a new position in ADC Therapeutics during the fourth quarter worth about $30,000. Russell Investments Group Ltd. raised its stake in ADC Therapeutics by 122.6% during the fourth quarter. Russell Investments Group Ltd. now owns 16,794 shares of the company’s stock worth $33,000 after purchasing an additional 9,248 shares during the period. Prudential Financial Inc. purchased a new position in ADC Therapeutics during the fourth quarter worth about $35,000. Finally, Intech Investment Management LLC purchased a new position in ADC Therapeutics during the third quarter worth about $41,000. 41.10% of the stock is owned by hedge funds and other institutional investors.

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.