Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 52-Week High After Analyst Upgrade

Key Points

• Adaptive Biotechnologies reached a new 52-week high after JPMorgan Chase upgraded its price target from $14.00 to $17.00, maintaining an overweight rating on the stock.
• Institutional investors hold 99.17% of Adaptive Biotechnologies' stock, with several new positions opened recently, highlighting strong interest from large investors.
• In its latest quarterly earnings, the company reported a 36.3% increase in revenue year-over-year, surpassing analyst expectations, despite a negative earnings per share of ($0.17).

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $14.00 to $17.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Adaptive Biotechnologies traded as high as $15.94 and last traded at $15.50, with a volume of 1486063 shares traded. The stock had previously closed at $15.17.

A number of other brokerages have also issued reports on ADPT. Guggenheim initiated coverage on shares of Adaptive Biotechnologies in a research note on Tuesday, September 30th. They issued a "buy" rating and a $20.00 price target for the company. Craig Hallum began coverage on shares of Adaptive Biotechnologies in a research note on Wednesday, June 18th. They set a "buy" rating and a $15.00 target price for the company. Piper Sandler boosted their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research note on Wednesday, October 8th. Finally, TD Cowen boosted their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $13.56.

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors have recently modified their holdings of the company. Sound Income Strategies LLC bought a new position in shares of Adaptive Biotechnologies during the third quarter worth about $30,000. Personal CFO Solutions LLC bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $84,000. Blair William & Co. IL bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $84,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $87,000. Finally, Candriam S.C.A. bought a new position in shares of Adaptive Biotechnologies during the first quarter worth about $90,000. Institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Up 2.2%

The firm's 50-day moving average price is $13.26 and its 200 day moving average price is $10.86. The firm has a market cap of $2.36 billion, a P/E ratio of -18.90 and a beta of 2.06.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.