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

ADC Therapeutics SA (NYSE:ADCT) was the target 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. Based on an average trading volume of 1,102,854 shares, the short-interest ratio is currently 3.2 days. Approximately 3.0% of the company’s stock are short sold. Approximately 3.0% of the company’s stock are short sold. Based on an average trading volume of 1,102,854 shares, the short-interest ratio is currently 3.2 days.

Analyst Upgrades and Downgrades

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

ADC Therapeutics Price Performance

NYSE:ADCT traded up $0.06 during mid-day trading on Friday, reaching $3.61. The stock had a trading volume of 754,248 shares, compared to its average volume of 735,053. The company has a market capitalization of $447.21 million, a price-to-earnings ratio of -2.49 and a beta of 1.95. ADC Therapeutics has a 1-year low of $1.05 and a 1-year high of $4.80. The stock’s 50 day simple moving average is $3.84 and its two-hundred day simple moving average is $3.61.

ADC Therapeutics (NYSE:ADCT) last posted its earnings results on Monday, November 10th. The company reported ($0.30) EPS for the quarter, beating 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. Sell-side analysts anticipate that ADC Therapeutics will post -1.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC acquired a new stake in shares of ADC Therapeutics in the second quarter valued at approximately $959,000. Ethic Inc. bought a new stake in ADC Therapeutics in the 2nd quarter valued at about $103,000. Stempoint Capital LP bought a new position in ADC Therapeutics during the 2nd quarter worth $759,000. Panagora Asset Management Inc. raised its stake in ADC Therapeutics by 400.8% in the second 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 in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of ADC Therapeutics by 411.1% during the 1st quarter. AQR Capital Management LLC now owns 201,170 shares of the company’s stock worth $284,000 after acquiring an additional 161,808 shares during the period. 41.10% of the stock is owned by institutional investors and hedge funds.

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.