Adaptive Biotechnologies (NASDAQ:ADPT) Price Target Raised to $15.00 at Piper Sandler

Key Points

• Piper Sandler raised the price target for Adaptive Biotechnologies from $13.00 to $15.00, indicating a potential upside of 34.16% from the current price.
• Adaptive Biotechnologies recently reported quarterly earnings with an EPS of (0.17), surpassing analysts' expectations and showing a 36.3% increase in revenue year-over-year.
• Institutional investors hold 99.17% of Adaptive Biotechnologies' stock, highlighting significant confidence from major shareholders in the company's future potential.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) had its price objective upped by stock analysts at Piper Sandler from $13.00 to $15.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's price objective indicates a potential upside of 24.77% from the stock's current price.

Other research analysts have also issued research reports about the company. The Goldman Sachs Group lifted their price target on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Morgan Stanley boosted their price objective on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Finally, Craig Hallum began coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Adaptive Biotechnologies currently has an average rating of "Moderate Buy" and an average target price of $12.38.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT traded down $0.52 during trading on Wednesday, hitting $12.02. 1,065,501 shares of the company were exchanged, compared to its average volume of 2,035,422. Adaptive Biotechnologies has a 12-month low of $3.98 and a 12-month high of $12.92. The company has a fifty day moving average price of $10.87 and a 200-day moving average price of $9.05. The firm has a market capitalization of $1.83 billion, a PE ratio of -14.62 and a beta of 1.92.

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

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently bought and sold shares of the company. Calamos Advisors LLC grew its position in Adaptive Biotechnologies by 52.3% in the 2nd quarter. Calamos Advisors LLC now owns 214,605 shares of the company's stock valued at $2,500,000 after acquiring an additional 73,716 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in Adaptive Biotechnologies by 37.6% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 34,120 shares of the company's stock valued at $397,000 after acquiring an additional 9,322 shares in the last quarter. Geode Capital Management LLC grew its position in Adaptive Biotechnologies by 15.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,215,171 shares of the company's stock valued at $37,461,000 after acquiring an additional 434,347 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in Adaptive Biotechnologies in the 2nd quarter valued at about $582,000. Finally, ProShare Advisors LLC grew its position in Adaptive Biotechnologies by 14.6% in the 2nd quarter. ProShare Advisors LLC now owns 36,319 shares of the company's stock valued at $423,000 after acquiring an additional 4,617 shares in the last quarter. 99.17% of the stock is owned by institutional investors and hedge funds.

About Adaptive Biotechnologies

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.