Analysts Set Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Price Target at $10.57

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the seven ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $10.57.

Several research firms have commented on ADPT. Craig Hallum initiated coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They set a "buy" rating and a $15.00 price objective for the company. Piper Sandler restated an "overweight" rating and set a $13.00 price target (up from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. Morgan Stanley upped their price target on Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Finally, The Goldman Sachs Group increased their price objective on Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, May 2nd.

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 68,412 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $7.35, for a total transaction of $502,828.20. Following the sale, the insider directly owned 1,279,524 shares of the company's stock, valued at approximately $9,404,501.40. This represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 6.40% of the company's stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC lifted its stake in shares of Adaptive Biotechnologies by 35.6% during the 4th quarter. Renaissance Technologies LLC now owns 229,785 shares of the company's stock worth $1,378,000 after buying an additional 60,385 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Adaptive Biotechnologies by 36.5% during the 1st 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 last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Adaptive Biotechnologies during the 1st quarter valued at approximately $87,000. Janus Henderson Group PLC bought a new stake in Adaptive Biotechnologies during the 4th quarter worth approximately $281,000. Finally, Exchange Traded Concepts LLC bought a new stake in Adaptive Biotechnologies during the 1st quarter worth approximately $634,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Stock Up 2.1%

Adaptive Biotechnologies stock traded up $0.22 during midday trading on Friday, reaching $10.53. 1,842,963 shares of the stock traded hands, compared to its average volume of 1,647,667. The stock's fifty day moving average is $10.41 and its 200-day moving average is $8.71. Adaptive Biotechnologies has a 12 month low of $3.85 and a 12 month high of $12.43. The stock has a market cap of $1.60 billion, a P/E ratio of -10.97 and a beta of 1.83.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.08. Adaptive Biotechnologies had a negative return on equity of 62.79% and a negative net margin of 74.84%. The company had revenue of $52.44 million for the quarter, compared to the consensus estimate of $42.13 million. During the same period last year, the business posted ($0.33) EPS. Adaptive Biotechnologies's quarterly revenue was up 25.2% on a year-over-year basis. On average, equities analysts predict 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.