Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 12-Month High After Earnings Beat

Key Points

• Adaptive Biotechnologies' stock reached a new 52-week high of $12.83 after reporting quarterly earnings that exceeded analyst expectations, with an EPS of ($0.17) compared to the consensus estimate of ($0.24).
• The company's revenue for the quarter was $49.94 million, surpassing forecasts of $49.40 million and marking a 36.3% increase from the same quarter last year.
• Analysts have issued several ratings upgrades, with a consensus price target of $11.33, reflecting a generally positive outlook for the stock.

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) shares reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $12.83 and last traded at $10.93, with a volume of 742398 shares changing hands. The stock had previously closed at $11.05.

The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.07. The firm had revenue of $49.94 million for the quarter, compared to analyst estimates of $49.40 million. Adaptive Biotechnologies had a negative net margin of 59.07% and a negative return on equity of 60.93%. The business's revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.31) EPS.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Piper Sandler boosted their price target on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Wednesday. TD Cowen boosted their price target on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday. The Goldman Sachs Group boosted their price target on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. boosted their price target on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday. Finally, Morgan Stanley boosted their price target 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. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.38.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Adaptive Biotechnologies by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company's stock valued at $82,796,000 after purchasing an additional 428,540 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Adaptive Biotechnologies by 801.6% during the 1st 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 in the last quarter. Braidwell LP acquired a new position in Adaptive Biotechnologies during the 1st quarter worth about $35,692,000. Geode Capital Management LLC lifted its position in Adaptive Biotechnologies by 15.6% during the 2nd quarter. Geode Capital Management LLC now owns 3,215,171 shares of the company's stock worth $37,461,000 after buying an additional 434,347 shares in the last quarter. Finally, Soleus Capital Management L.P. lifted its position in Adaptive Biotechnologies by 168.1% during the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock worth $17,884,000 after buying an additional 1,870,393 shares in the last quarter. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Performance

The company's 50-day moving average is $10.92 and its 200-day moving average is $9.09. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -14.88 and a beta of 1.92.

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.