Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High - Should You Buy?

Key Points

• Adaptive Biotechnologies reached a new 52-week high of $15.30, showing significant trading activity with 536,847 shares exchanged.
• Analysts have mixed views on the stock, with eight giving a "Buy" rating and a consensus price target of $13.22, although Weiss Ratings assigned a "Sell (d-)" rating.
• Hedge funds dramatically increased their stakes in the company, with Ameriprise Financial boosting its holdings by 801.6% during the first quarter, reflecting strong institutional interest.

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $15.30 and last traded at $15.12, with a volume of 536847 shares. The stock had previously closed at $14.35.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ADPT shares. Piper Sandler raised their price objective on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Craig Hallum started coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They set a "buy" rating and a $15.00 price objective on the stock. Guggenheim started coverage on Adaptive Biotechnologies in a research note on Tuesday, September 30th. They set a "buy" rating and a $20.00 price objective on the stock. TD Cowen raised their price objective on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adaptive Biotechnologies in a report on Wednesday. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Adaptive Biotechnologies has a consensus rating of "Moderate Buy" and a consensus price target of $13.22.

Adaptive Biotechnologies Price Performance

The business has a fifty day moving average of $12.86 and a 200 day moving average of $10.64. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -18.41 and a beta of 2.06.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ADPT. Ameriprise Financial Inc. boosted its holdings in Adaptive Biotechnologies by 801.6% during the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock worth $49,355,000 after buying an additional 5,905,756 shares during the last quarter. Braidwell LP bought a new stake in Adaptive Biotechnologies in the 1st quarter valued at approximately $35,692,000. Iron Triangle Partners LP bought a new stake in Adaptive Biotechnologies in the 1st quarter valued at approximately $15,856,000. Victory Capital Management Inc. lifted its stake in Adaptive Biotechnologies by 9,892.2% in the 1st 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 lifted its stake in Adaptive Biotechnologies by 154.4% in the 1st quarter. Driehaus Capital Management LLC now owns 2,152,335 shares of the company's stock valued at $15,992,000 after acquiring an additional 1,306,164 shares in the last quarter. 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.

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.