Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 1-Year High - Still a 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 stock 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 trading hands. The stock had previously closed at $12.15.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ADPT shares. Morgan Stanley increased their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Piper Sandler upped their price target on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. TD Cowen raised their price objective on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Finally, Craig Hallum began coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.38.

Adaptive Biotechnologies Price Performance

The firm's 50-day moving average price is $11.21 and its 200-day moving average price is $9.27. The stock has a market cap of $1.99 billion, a P/E ratio of -15.90 and a beta of 1.92.

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

Institutional Investors Weigh In On Adaptive Biotechnologies

Several large investors have recently made changes to their positions in the company. Bridgefront Capital LLC purchased a new position in Adaptive Biotechnologies during the 4th quarter valued at approximately $80,000. Personal CFO Solutions LLC bought a new position in shares of Adaptive Biotechnologies during the 1st quarter valued at approximately $84,000. Blair William & Co. IL purchased a new position in shares of Adaptive Biotechnologies in the first quarter valued at $84,000. Wealth Enhancement Advisory Services LLC bought a new stake in Adaptive Biotechnologies in the first quarter worth $87,000. Finally, Candriam S.C.A. purchased a new stake in Adaptive Biotechnologies during the first quarter valued at $90,000. 99.17% of the stock is owned by 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.