Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Adaptive Biotechnologies Corporation has received a consensus rating of "Moderate Buy" from analysts, with one hold and seven buy recommendations.
• Analysts have raised their target prices for the stock, with JPMorgan Chase increasing it from $10.00 to $14.00 and TD Cowen raising it from $13.00 to $15.00.
• The company reported a 36.3% increase in quarterly revenue year-over-year, totaling $49.94 million, exceeding analysts' expectations.

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) has earned a consensus rating of "Moderate Buy" from the eight brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $12.3750.

A number of equities analysts have issued reports on ADPT shares. JPMorgan Chase & Co. lifted their target price on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group lifted their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. TD Cowen lifted their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Craig Hallum initiated coverage on shares of Adaptive Biotechnologies in a research report on Wednesday, June 18th. They set a "buy" rating and a $15.00 target price for the company. Finally, Piper Sandler lifted their price target on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC grew its holdings in Adaptive Biotechnologies by 35.6% in the fourth quarter. Renaissance Technologies LLC now owns 229,785 shares of the company's stock valued at $1,378,000 after purchasing an additional 60,385 shares during the period. GAMMA Investing LLC grew its holdings in Adaptive Biotechnologies by 36.5% in the first quarter. GAMMA Investing LLC now owns 13,393 shares of the company's stock valued at $100,000 after purchasing an additional 3,583 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Adaptive Biotechnologies in the first quarter valued at approximately $87,000. Janus Henderson Group PLC purchased a new stake in Adaptive Biotechnologies in the fourth quarter valued at approximately $281,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Adaptive Biotechnologies in the first quarter valued at approximately $634,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Trading Up 4.2%

Shares of ADPT opened at $12.66 on Wednesday. The stock has a market cap of $1.93 billion, a P/E ratio of -15.44 and a beta of 1.92. The company has a 50-day moving average of $11.03 and a two-hundred day moving average of $9.15. Adaptive Biotechnologies has a 12-month low of $3.98 and a 12-month high of $12.93.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.24) by $0.07. The company had revenue of $49.94 million during the quarter, compared to analysts' expectations of $49.40 million. Adaptive Biotechnologies had a negative net margin of 59.07% and a negative return on equity of 60.93%. The firm's quarterly revenue was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.31) earnings per share. As a group, analysts forecast that Adaptive Biotechnologies will post -0.92 EPS for the current fiscal year.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunosequencing platform which combines a suite of proprietary chemistry, computational biology, and machine learning to generate clinical immunomics data to decode the adaptive immune system.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.