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

ADC Therapeutics SA (NYSE:ADCT) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 993,100 shares, an increase of 5.7% from the March 15th total of 939,800 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average trading volume of 791,000 shares, the days-to-cover ratio is currently 1.3 days.

Institutional Trading of ADC Therapeutics

A number of hedge funds have recently bought and sold shares of ADCT. Moneta Group Investment Advisors LLC raised its holdings in ADC Therapeutics by 112,365.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 21,933,073 shares of the company’s stock valued at $84,223,000 after acquiring an additional 21,913,571 shares during the last quarter. Millennium Management LLC increased its holdings in shares of ADC Therapeutics by 709.3% during the 4th quarter. Millennium Management LLC now owns 3,401,120 shares of the company’s stock worth $13,060,000 after buying an additional 2,980,867 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of ADC Therapeutics by 23,287.6% during the 4th quarter. Bank of America Corp DE now owns 1,604,626 shares of the company’s stock worth $6,162,000 after buying an additional 1,597,765 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in shares of ADC Therapeutics during the 1st quarter worth approximately $2,917,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of ADC Therapeutics during the 4th quarter worth approximately $2,705,000. Institutional investors and hedge funds own 41.10% of the company’s stock.

ADC Therapeutics Trading Up 11.0 %

ADCT stock opened at $4.93 on Thursday. The company has a market cap of $406.87 million, a price-to-earnings ratio of -1.68 and a beta of 1.73. ADC Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.04. The firm has a 50-day moving average of $4.61 and a two-hundred day moving average of $2.51.

ADC Therapeutics (NYSE:ADCT) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.56). The business had revenue of $16.79 million during the quarter, compared to analyst estimates of $16.58 million. ADC Therapeutics had a negative net margin of 344.15% and a negative return on equity of 1,313.37%. As a group, equities analysts forecast that ADC Therapeutics will post -2.19 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ADCT shares. Guggenheim reissued a “buy” rating on shares of ADC Therapeutics in a research note on Friday, April 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $8.00 price target on shares of ADC Therapeutics in a research note on Thursday, March 14th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of ADC Therapeutics in a research note on Monday. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, ADC Therapeutics currently has a consensus rating of “Hold” and an average price target of $7.50.

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.