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

ADC Therapeutics SA (NYSE:ADCT) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totalling 3,190,000 shares, an increase 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.

Insiders Place Their Bets

In other ADC Therapeutics news, major shareholder Redmile Group, Llc bought 400,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were purchased at an average price of $2.81 per share, for a total transaction of $1,124,000.00. Following the transaction, the insider now directly owns 12,995,040 shares in the company, valued at approximately $36,516,062.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other ADC Therapeutics news, major shareholder Redmile Group, Llc bought 400,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were purchased at an average price of $2.81 per share, for a total transaction of $1,124,000.00. Following the transaction, the insider now directly owns 12,995,040 shares in the company, valued at approximately $36,516,062.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ameet Mallik sold 29,731 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $4.48, for a total transaction of $133,194.88. Following the sale, the chief executive officer now owns 1,167,348 shares in the company, valued at approximately $5,229,719.04. The disclosure for this sale can be found here. Company insiders own 4.05% of the company’s stock.

Hedge Funds Weigh In On ADC Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Saxony Capital Management LLC bought a new position in shares of ADC Therapeutics during the fourth quarter valued at $34,000. Hennion & Walsh Asset Management Inc. raised its stake in shares of ADC Therapeutics by 7.1% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 70,636 shares of the company’s stock valued at $317,000 after acquiring an additional 4,700 shares during the last quarter. Finally, Sanibel Captiva Trust Company Inc. bought a new position in shares of ADC Therapeutics during the first quarter valued at $462,000. Institutional investors own 41.10% of the company’s stock.

Analysts Set New Price Targets

ADCT has been the topic of several analyst reports. Cantor Fitzgerald initiated coverage on shares of ADC Therapeutics in a research report on Thursday, May 30th. They set an “overweight” rating on the stock. HC Wainwright reduced their price target on shares of ADC Therapeutics from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, May 7th. Finally, Guggenheim reiterated a “buy” rating on shares of ADC Therapeutics in a research report on Friday, April 5th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

ADC Therapeutics Trading Up 2.4 %

NYSE:ADCT traded up $0.09 on Thursday, hitting $3.82. The company had a trading volume of 418,486 shares, compared to its average volume of 772,176. The stock has a market capitalization of $316.22 million, a price-to-earnings ratio of -1.39 and a beta of 1.59. The firm has a 50 day moving average of $3.38 and a two-hundred day moving average of $3.84. ADC Therapeutics has a 52 week low of $0.36 and a 52 week high of $6.04.

ADC Therapeutics (NYSE:ADCT) last issued its quarterly earnings data on Monday, May 6th. The company reported ($0.56) EPS for the quarter, meeting 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 period in the previous year, the company earned ($0.74) EPS. As a group, equities analysts forecast that ADC Therapeutics will post -1.92 EPS for the current 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.