Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 12-Month High - What's Next?

Key Points

• Adaptive Biotechnologies shares hit a new 52-week high at $14.53, with the latest trading price at $14.16.
• Analysts are optimistic with multiple firms issuing buy ratings and price targets ranging from $15.00 to $20.00, reflecting a strong consensus around the stock.
• The company reported a 36.3% increase in quarterly revenue to $49.94 million, despite a net loss, signaling growth potential in its market.

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $14.53 and last traded at $14.16, with a volume of 512999 shares trading hands. The stock had previously closed at $13.46.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADPT. Guggenheim initiated coverage on Adaptive Biotechnologies in a report on Tuesday. They set a "buy" rating and a $20.00 target price on the stock. 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 target price for the company. JPMorgan Chase & Co. lifted their price objective on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. TD Cowen increased their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, Piper Sandler raised their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Eight equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $13.22.

Adaptive Biotechnologies Trading Up 9.0%

The business has a fifty day simple moving average of $12.39 and a two-hundred day simple moving average of $10.37. The company has a market cap of $2.23 billion, a PE ratio of -17.97 and a beta of 1.93.

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

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in 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 buying an additional 428,540 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Adaptive Biotechnologies by 801.6% in the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock valued at $49,355,000 after purchasing an additional 5,905,756 shares during the period. Braidwell LP purchased a new position in Adaptive Biotechnologies during the first quarter worth about $35,692,000. Geode Capital Management LLC boosted its holdings 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 purchasing an additional 434,347 shares during the last quarter. Finally, Driehaus Capital Management LLC boosted its holdings 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 purchasing an additional 1,306,164 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company's stock.

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.

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