Adaptive Biotechnologies (NASDAQ:ADPT) Coverage Initiated at Guggenheim

Key Points

• Guggenheim has initiated coverage of Adaptive Biotechnologies (ADPT) with a "buy" rating and a price target of $20.00, suggesting a potential upside of 48.59%.
• JPMorgan Chase, TD Cowen, and Piper Sandler have also raised their price targets for ADPT, with the average consensus price target now at $13.22.
• Adaptive Biotechnologies reported better-than-expected Q2 earnings, with a revenue of $49.94 million, reflecting a 36.3% increase year-over-year.

Equities researchers at Guggenheim initiated coverage on shares of Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $20.00 price target on the stock. Guggenheim's price objective indicates a potential upside of 48.59% from the company's previous close.

A number of other brokerages also recently issued reports on ADPT. JPMorgan Chase & Co. increased their price objective on Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. TD Cowen raised their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Piper Sandler increased 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. Finally, Craig Hallum initiated coverage on shares of Adaptive Biotechnologies in a research report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $13.22.

Adaptive Biotechnologies Stock Performance

Adaptive Biotechnologies stock opened at $13.46 on Tuesday. The stock has a market cap of $2.05 billion, a PE ratio of -16.41 and a beta of 1.93. Adaptive Biotechnologies has a fifty-two week low of $4.27 and a fifty-two week high of $14.48. The firm's 50-day simple moving average is $12.39 and its 200 day simple moving average is $10.37.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.07. The firm had revenue of $49.94 million for 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 company's quarterly revenue was up 36.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.31) EPS. As a group, analysts predict that Adaptive Biotechnologies will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Large investors have recently made changes to their positions in the company. Ameriprise Financial Inc. raised its stake in shares of Adaptive Biotechnologies by 801.6% in the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock valued at $49,355,000 after acquiring an additional 5,905,756 shares during the period. Braidwell LP purchased a new stake in Adaptive Biotechnologies in the 1st quarter worth about $35,692,000. Iron Triangle Partners LP purchased a new position in shares of Adaptive Biotechnologies during the first quarter valued at approximately $15,856,000. Victory Capital Management Inc. raised its stake in shares of Adaptive Biotechnologies by 9,892.2% during the first quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company's stock valued at $13,108,000 after acquiring an additional 1,746,571 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its stake in Adaptive Biotechnologies by 154.4% in the first quarter. Driehaus Capital Management LLC now owns 2,152,335 shares of the company's stock worth $15,992,000 after purchasing an additional 1,306,164 shares in the last quarter. 99.17% of the stock is owned by institutional investors.

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.

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