Adaptive Biotechnologies (NASDAQ:ADPT) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• Adaptive Biotechnologies reported a quarterly earnings per share (EPS) of ($0.17), beating the consensus estimate by $0.07.
• The company's stock traded at $11.05 after a midday increase, with a market cap of $1.68 billion.
• Analysts have a consensus rating of "Moderate Buy" on the stock, with an average target price of $11.33.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.07, Zacks reports. Adaptive Biotechnologies had a negative net margin of 74.84% and a negative return on equity of 62.79%.

Adaptive Biotechnologies Stock Performance

Adaptive Biotechnologies stock traded up $0.14 during midday trading on Tuesday, reaching $11.05. 3,445,171 shares of the company's stock were exchanged, compared to its average volume of 2,003,472. Adaptive Biotechnologies has a 52 week low of $3.98 and a 52 week high of $12.43. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -11.51 and a beta of 1.92. The stock's 50-day simple moving average is $10.71 and its 200 day simple moving average is $8.98.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently bought and sold shares of ADPT. AQR Capital Management LLC grew its holdings in Adaptive Biotechnologies by 45.8% during the first quarter. AQR Capital Management LLC now owns 310,272 shares of the company's stock worth $2,265,000 after purchasing an additional 97,444 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Adaptive Biotechnologies by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,830 shares of the company's stock worth $511,000 after acquiring an additional 2,914 shares during the last quarter. Finally, Caxton Associates LLP acquired a new stake in Adaptive Biotechnologies during the first quarter worth approximately $93,000. Institutional investors own 99.17% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Piper Sandler restated an "overweight" rating and issued a $13.00 price target (up from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Morgan Stanley boosted their price objective on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Craig Hallum began coverage on shares of Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price target on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Adaptive Biotechnologies currently has an average rating of "Moderate Buy" and a consensus target price of $11.33.

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.

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