Adaptive Biotechnologies (NASDAQ:ADPT) Sets New 52-Week High Following Better-Than-Expected Earnings

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report)'s stock price reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as $10.17 and last traded at $9.65, with a volume of 815702 shares traded. The stock had previously closed at $7.36.

The company reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.08. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. The business had revenue of $52.44 million during the quarter, compared to analysts' expectations of $42.13 million. During the same period in the previous year, the company earned ($0.33) earnings per share. Adaptive Biotechnologies's revenue for the quarter was up 25.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

ADPT has been the topic of a number of recent analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $11.00 price objective (up from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. Scotiabank lifted their price target on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a "sector outperform" rating in a research report on Thursday, February 13th. 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 report on Friday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $9.60.

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, CFO Kyle Piskel sold 10,320 shares of Adaptive Biotechnologies stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $72,033.60. Following the sale, the chief financial officer now owns 269,010 shares in the company, valued at $1,877,689.80. The trade was a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Chad M. Robins sold 158,921 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.46, for a total transaction of $1,344,471.66. Following the completion of the transaction, the chief executive officer now owns 2,576,701 shares of the company's stock, valued at approximately $21,798,890.46. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 757,601 shares of company stock worth $6,040,624 over the last three months. Company insiders own 6.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADPT. KBC Group NV bought a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at approximately $50,000. GAMMA Investing LLC bought a new stake in Adaptive Biotechnologies in the fourth quarter valued at $59,000. Cibc World Markets Corp bought a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at $65,000. Bridgefront Capital LLC acquired a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at $80,000. Finally, Personal CFO Solutions LLC bought a new stake in shares of Adaptive Biotechnologies in the 1st quarter worth about $84,000. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Performance

The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -9.03 and a beta of 1.75. The business's 50-day moving average is $7.76 and its 200-day moving average is $6.91.

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.