Short Interest in ADC Therapeutics SA (NYSE:ADCT) Drops By 47.2%

ADC Therapeutics SA (NYSE:ADCT) was the recipient of a large drop in short interest in December. As of December 31st, there was short interest totaling 3,573,570 shares, a drop of 47.2% from the December 15th total of 6,773,739 shares. Currently, 3.0% of the company’s shares are short sold. Based on an average daily volume of 1,102,854 shares, the days-to-cover ratio is currently 3.2 days. Based on an average daily volume of 1,102,854 shares, the days-to-cover ratio is currently 3.2 days. Currently, 3.0% of the company’s shares are short sold.

ADC Therapeutics Trading Down 5.0%

NYSE ADCT traded down $0.19 during trading on Thursday, reaching $3.53. The company’s stock had a trading volume of 491,074 shares, compared to its average volume of 810,363. The business has a 50-day moving average price of $3.85 and a 200-day moving average price of $3.60. ADC Therapeutics has a 1-year low of $1.05 and a 1-year high of $4.80. The stock has a market capitalization of $436.68 million, a PE ratio of -2.43 and a beta of 1.95.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings results on Monday, November 10th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. The company had revenue of $16.43 million for the quarter, compared to the consensus estimate of $17.08 million. As a group, analysts expect that ADC Therapeutics will post -1.69 earnings per share for the current year.

Institutional Trading of ADC Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC increased its position in ADC Therapeutics by 411.1% in the 1st quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock worth $284,000 after buying an additional 161,808 shares during the period. Ethic Inc. acquired a new stake in shares of ADC Therapeutics in the second quarter worth $103,000. Creative Planning bought a new position in ADC Therapeutics during the second quarter worth $96,000. Panagora Asset Management Inc. raised its stake in ADC Therapeutics by 400.8% during the 2nd quarter. Panagora Asset Management Inc. now owns 271,359 shares of the company’s stock valued at $727,000 after purchasing an additional 217,173 shares during the last quarter. Finally, Stempoint Capital LP acquired a new position in ADC Therapeutics during the 2nd quarter valued at $759,000. Institutional investors and hedge funds own 41.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ADCT. Royal Bank Of Canada reiterated an “outperform” rating and set a $5.00 price target on shares of ADC Therapeutics in a report on Wednesday, December 3rd. HC Wainwright lowered their target price on ADC Therapeutics from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, October 16th. Guggenheim reiterated a “buy” rating and issued a $10.00 target price on shares of ADC Therapeutics in a report on Wednesday, November 12th. Weiss Ratings restated a “sell (d-)” rating on shares of ADC Therapeutics in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of ADC Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, ADC Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.50.

ADC Therapeutics Company Profile

ADC Therapeutics SA is a clinical-stage biopharmaceutical company focused on the discovery and development of highly targeted antibody-drug conjugates (ADCs) designed to treat hematological malignancies such as non-Hodgkin lymphoma and acute myeloid leukemia. By marrying the specificity of monoclonal antibodies with potent cytotoxic payloads, the company aims to maximize tumor cell eradication while limiting off-target toxicity.

At the core of ADC Therapeutics’ portfolio is loncastuximab tesirine-lpyl, a CD19-directed ADC that received accelerated approval from the U.S.