Adaptive Biotechnologies (NASDAQ:ADPT) Given New $19.00 Price Target at BTIG Research

Key Points

• BTIG Research has raised its price target for Adaptive Biotechnologies from $14.00 to $19.00, indicating a potential upside of 9.51% from the current stock price.
• Despite a negative earnings report of ($0.17) EPS, the company saw a 36.3% increase in revenue compared to the same quarter last year.
• Institutional investors currently own 99.17% of Adaptive Biotechnologies' stock, highlighting strong confidence from hedge funds in the company.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) had its price target lifted by BTIG Research from $14.00 to $19.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price would suggest a potential upside of 9.51% from the stock's current price.

A number of other research firms have also weighed in on ADPT. JPMorgan Chase & Co. increased their price objective on shares of Adaptive Biotechnologies from $14.00 to $17.00 and gave the stock an "overweight" rating in a research report on Monday, October 13th. TD Cowen increased their price objective 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. Piper Sandler increased their price objective on shares of Adaptive Biotechnologies from $15.00 to $20.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 15th. Guggenheim initiated coverage on shares of Adaptive Biotechnologies in a research report on Tuesday, September 30th. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.22.

Adaptive Biotechnologies Trading Down 2.7%

Shares of NASDAQ ADPT opened at $17.35 on Wednesday. The firm's 50-day moving average price is $13.84 and its 200-day moving average price is $11.22. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -21.16 and a beta of 2.06. Adaptive Biotechnologies has a 12-month low of $4.27 and a 12-month high of $17.89.

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, beating 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 business's revenue was up 36.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.31) EPS. On average, equities analysts predict that Adaptive Biotechnologies will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Yarbrough Capital LLC bought a new position in Adaptive Biotechnologies in the 3rd quarter worth about $427,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Adaptive Biotechnologies in the 3rd quarter worth about $809,000. Diversified Trust Co grew its stake in Adaptive Biotechnologies by 6.2% in the 3rd quarter. Diversified Trust Co now owns 39,976 shares of the company's stock worth $598,000 after acquiring an additional 2,342 shares in the last quarter. CWM LLC grew its stake in Adaptive Biotechnologies by 45.1% in the 3rd quarter. CWM LLC now owns 25,326 shares of the company's stock worth $379,000 after acquiring an additional 7,866 shares in the last quarter. Finally, Brighton Jones LLC grew its stake in Adaptive Biotechnologies by 3.1% in the 3rd quarter. Brighton Jones LLC now owns 23,301 shares of the company's stock worth $349,000 after acquiring an additional 700 shares in the last quarter. 99.17% of the stock is currently 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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