Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 1-Year High - Time to Buy?

Key Points

• Adaptive Biotechnologies' share price reached a new 52-week high of $12.93, with a last traded price of $12.67.
• Multiple analysts upgraded their price targets for Adaptive Biotechnologies, with estimates ranging from $14.00 to $15.00, signaling a strong bullish outlook.
• The company reported a revenue increase of 36.3% year-over-year, with earnings of ($0.17) per share, surpassing analysts' expectations of ($0.24).

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $12.93 and last traded at $12.67, with a volume of 1068943 shares changing hands. The stock had previously closed at $12.15.

Analyst Upgrades and Downgrades

ADPT has been the subject of a number of research analyst reports. Piper Sandler increased their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. TD Cowen increased their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. increased their target price on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Morgan Stanley increased their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Finally, Craig Hallum initiated coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 target price for the company. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Adaptive Biotechnologies has a consensus rating of "Moderate Buy" and a consensus price target of $12.38.

Adaptive Biotechnologies Trading Up 4.2%

The stock's 50 day moving average price is $10.97 and its two-hundred day moving average price is $9.13. The firm has a market capitalization of $1.93 billion, a PE ratio of -15.44 and a beta of 1.92.

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

Institutional Trading of Adaptive Biotechnologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC grew its stake in Adaptive Biotechnologies by 35.6% in the 4th quarter. Renaissance Technologies LLC now owns 229,785 shares of the company's stock worth $1,378,000 after acquiring an additional 60,385 shares during the period. GAMMA Investing LLC grew its stake in Adaptive Biotechnologies by 36.5% in the 1st quarter. GAMMA Investing LLC now owns 13,393 shares of the company's stock worth $100,000 after acquiring an additional 3,583 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Adaptive Biotechnologies in the 1st quarter worth approximately $87,000. Janus Henderson Group PLC purchased a new stake in Adaptive Biotechnologies in the 4th quarter worth approximately $281,000. Finally, Exchange Traded Concepts LLC purchased a new stake in Adaptive Biotechnologies in the 1st quarter worth approximately $634,000. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

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.