Adaptive Biotechnologies (NASDAQ:ADPT) Posts Earnings Results, Beats Expectations By $0.08 EPS

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) announced its earnings results on Thursday. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.08, Zacks reports. The company had revenue of $52.44 million for the quarter, compared to analysts' expectations of $42.13 million. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. The firm's quarterly revenue was up 25.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.33) EPS.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT traded up $0.19 during mid-day trading on Monday, reaching $10.03. 5,673,885 shares of the company's stock were exchanged, compared to its average volume of 1,562,960. The company's 50-day moving average is $7.76 and its 200-day moving average is $6.91. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -9.20 and a beta of 1.75. Adaptive Biotechnologies has a 52-week low of $2.99 and a 52-week high of $10.28.

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, Director Peter M. Neupert sold 10,000 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $7.05, for a total transaction of $70,500.00. Following the transaction, the director now directly owns 224,690 shares in the company, valued at $1,584,064.50. This represents a 4.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Chad M. Robins sold 158,921 shares of the stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.46, for a total value of $1,344,471.66. Following the transaction, the chief executive officer now directly owns 2,576,701 shares in the company, valued at approximately $21,798,890.46. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 826,013 shares of company stock worth $6,543,452. Company insiders own 6.20% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Piper Sandler reiterated an "overweight" rating and issued a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Scotiabank lifted their price objective 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. The Goldman Sachs Group boosted their price objective on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Morgan Stanley lifted their price target on Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a report on Monday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $9.50.

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.