Short Interest in ADC Therapeutics SA (NYSE:ADCT) Drops By 9.7%

ADC Therapeutics SA (NYSE:ADCT - Get Free Report) 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 trading volume of 355,600 shares, the short-interest ratio is presently 8.9 days.

ADC Therapeutics Stock Performance

Shares of ADCT stock traded down $0.13 during midday trading on Tuesday, reaching $2.01. 451,096 shares of the company were exchanged, compared to its average volume of 628,151. ADC Therapeutics has a 12 month low of $0.68 and a 12 month high of $6.04. The company has a market cap of $194.35 million, a P/E ratio of -0.79 and a beta of 1.59. The company's 50 day moving average price is $3.00 and its two-hundred day moving average price is $3.22.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $18.46 million for the quarter, compared to the consensus estimate of $18.76 million. During the same period last year, the firm earned ($0.58) earnings per share. As a group, sell-side analysts predict that ADC Therapeutics will post -1.68 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ADCT. Royal Bank of Canada reiterated an "outperform" rating and issued a $8.00 price target on shares of ADC Therapeutics in a report on Wednesday, August 7th. Stephens assumed coverage on ADC Therapeutics in a research note on Friday, November 8th. They issued an "overweight" rating and a $6.00 target price on the stock. Finally, HC Wainwright restated a "buy" rating and set a $8.00 price target on shares of ADC Therapeutics in a research report on Thursday, August 8th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ADC Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $8.25.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake 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 acquiring an additional 128,454 shares during the last quarter. Barclays PLC raised its stake in shares of ADC Therapeutics by 277.4% in the 3rd quarter. Barclays PLC now owns 127,739 shares of the company's stock valued at $402,000 after buying an additional 93,890 shares in the last quarter. XTX Topco Ltd boosted its stake in ADC Therapeutics by 102.4% in the 3rd quarter. XTX Topco Ltd now owns 115,073 shares of the company's stock valued at $362,000 after buying an additional 58,210 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of ADC Therapeutics by 272.4% during the third quarter. Jane Street Group LLC now owns 53,126 shares of the company's stock worth $167,000 after buying an additional 38,859 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in ADC Therapeutics in the 3rd quarter valued at about $531,000. 41.10% of the stock is owned by hedge funds and other institutional investors.

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.