ADC Therapeutics SA (NYSE:ADCT) Short Interest Down 9.7% in October

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ADCT. Sanibel Captiva Trust Company Inc. lifted its stake in ADC Therapeutics by 9.7% during the second quarter. Sanibel Captiva Trust Company Inc. now owns 113,000 shares of the company’s stock worth $357,000 after purchasing an additional 10,000 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in ADC Therapeutics in the second quarter valued at approximately $33,000. Intech Investment Management LLC bought a new position in shares of ADC Therapeutics during the third quarter valued at approximately $41,000. Acadian Asset Management LLC acquired a new stake in shares of ADC Therapeutics during the 2nd quarter worth approximately $51,000. Finally, Readystate Asset Management LP bought a new stake in shares of ADC Therapeutics in the 3rd quarter worth approximately $54,000. Institutional investors and hedge funds own 41.10% of the company’s stock.

ADC Therapeutics Stock Performance

ADCT stock opened at $2.14 on Tuesday. The company has a 50 day moving average price of $3.00 and a two-hundred day moving average price of $3.22. The stock has a market capitalization of $206.92 million, a P/E ratio of -0.90 and a beta of 1.59. ADC Therapeutics has a one year low of $0.68 and a one year high of $6.04.

ADC Therapeutics (NYSE:ADCT) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.06). The firm had revenue of $18.46 million for the quarter, compared to the consensus estimate of $18.76 million. During the same period in the previous year, the company earned ($0.58) earnings per share. Research analysts forecast that ADC Therapeutics will post -1.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on ADCT shares. Stephens assumed coverage on ADC Therapeutics in a report on Friday, November 8th. They issued an “overweight” rating and a $6.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $8.00 target price on shares of ADC Therapeutics in a research report on Thursday, August 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $8.00 price target on shares of ADC Therapeutics in a report on Wednesday, August 7th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $8.25.

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.