ADC Therapeutics SA (NYSE:ADCT) Short Interest Down 20.6% in August

Key Points

• The short interest in ADC Therapeutics SA decreased by 20.6% in August, totaling 4,510,000 shares as of August 15th.
• ADC Therapeutics' stock fell 6.1% to $3.31, with a market cap of $372.04 million and a P/E ratio of -2.11.
• The company reported a quarterly loss of ($0.50) EPS, missing analysts' estimates, but had revenue of $18.84 million, exceeding expectations.

ADC Therapeutics SA (NYSE:ADCT - Get Free Report) was the target of a large decline in short interest during the month of August. As of August 15th, there was short interest totaling 4,510,000 shares, a decline of 20.6% from the July 31st total of 5,680,000 shares. Based on an average trading volume of 807,400 shares, the days-to-cover ratio is presently 5.6 days. Based on an average trading volume of 807,400 shares, the days-to-cover ratio is presently 5.6 days.

ADC Therapeutics Stock Performance

Shares of ADCT traded down $0.02 during mid-day trading on Friday, reaching $3.31. 310,947 shares of the company were exchanged, compared to its average volume of 628,960. ADC Therapeutics has a 52 week low of $1.05 and a 52 week high of $3.97. The stock has a market capitalization of $372.37 million, a PE ratio of -2.11 and a beta of 2.00. The business has a 50 day simple moving average of $3.09 and a two-hundred day simple moving average of $2.39.

ADC Therapeutics (NYSE:ADCT - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.14). The business had revenue of $18.84 million during the quarter, compared to analyst estimates of $17.82 million. On average, analysts predict that ADC Therapeutics will post -1.69 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ADCT. Guggenheim reaffirmed a "buy" rating and issued a $10.00 price objective on shares of ADC Therapeutics in a report on Wednesday, August 13th. Royal Bank Of Canada raised ADC Therapeutics from an "outperform" rating to a "moderate buy" rating and decreased their price objective for the company from $8.00 to $5.00 in a report on Friday, June 20th. Finally, Wall Street Zen lowered ADC Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $7.75.

Institutional Investors Weigh In On ADC Therapeutics

A number of hedge funds have recently added to or reduced their stakes in ADCT. Cerity Partners LLC bought a new stake in ADC Therapeutics in the first quarter worth approximately $25,000. Atria Wealth Solutions Inc. bought a new stake in ADC Therapeutics in the first quarter worth approximately $28,000. ProShare Advisors LLC grew its stake in ADC Therapeutics by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 22,901 shares of the company's stock valued at $46,000 after acquiring an additional 7,535 shares during the period. Russell Investments Group Ltd. grew its stake in ADC Therapeutics by 136.3% in the first quarter. Russell Investments Group Ltd. now owns 39,688 shares of the company's stock valued at $56,000 after acquiring an additional 22,894 shares during the period. Finally, MetLife Investment Management LLC grew its stake in ADC Therapeutics by 46.2% in the first quarter. MetLife Investment Management LLC now owns 45,487 shares of the company's stock valued at $64,000 after acquiring an additional 14,370 shares during the period. 41.10% of the stock is currently owned by 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.