ADC Therapeutics SA (NYSE:ADCT) Short Interest Down 9.7% in October

ADC Therapeutics SA (NYSE:ADCT) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 3,170,000 shares, a drop of 9.7% from the October 15th total of 3,510,000 shares. Based on an average daily trading volume, of 355,600 shares, the short-interest ratio is presently 8.9 days.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $8.00 target price on shares of ADC Therapeutics in a report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price target on shares of ADC Therapeutics in a research note on Thursday, August 8th. Finally, Stephens began coverage on shares of ADC Therapeutics in a report on Friday, November 8th. They set an “overweight” rating and a $6.00 target price for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.25.

Institutional Investors Weigh In On ADC Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Affinity Asset Advisors LLC purchased a new position in ADC Therapeutics during the second quarter valued at $1,500,000. Redmile Group LLC boosted its holdings in shares of ADC Therapeutics by 2.6% during the 3rd quarter. Redmile Group LLC now owns 15,669,217 shares of the company’s stock valued at $49,358,000 after purchasing an additional 400,000 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of ADC Therapeutics during the second quarter valued at about $648,000. Wellington Management Group LLP bought a new stake in shares of ADC Therapeutics in the third quarter worth about $531,000. Finally, Geode Capital Management LLC lifted its position in shares of ADC Therapeutics by 15.6% in the third quarter. Geode Capital Management LLC now owns 953,171 shares of the company’s stock worth $3,002,000 after buying an additional 128,454 shares in the last quarter. 41.10% of the stock is owned by hedge funds and other institutional investors.

ADC Therapeutics Trading Down 7.5 %

NYSE ADCT traded down $0.16 on Tuesday, reaching $1.98. 206,614 shares of the stock were exchanged, compared to its average volume of 627,059. ADC Therapeutics has a one year low of $0.68 and a one year high of $6.04. The company’s 50-day simple moving average is $3.00 and its two-hundred day simple moving average is $3.22. The firm has a market capitalization of $191.45 million, a PE ratio of -0.79 and a beta of 1.59.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.06). The firm had revenue of $18.46 million during the quarter, compared to analysts’ expectations of $18.76 million. During the same period last year, the business posted ($0.58) earnings per share. Sell-side analysts forecast that ADC Therapeutics will post -1.68 earnings per share for the current fiscal year.

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.