Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 52-Week High - Here's What Happened

Key Points

• Adaptive Biotechnologies shares reached a new 52-week high of $13.68, with a significant trading volume of over 3 million shares.
• Multiple analysts have issued "buy" ratings and increased price targets for the stock, with averages now around $15.00, indicating strong market confidence.
• The company reported a 36.3% year-over-year increase in quarterly revenue, reaching approximately $49.94 million, while its earnings per share were better than expected at ($0.17).

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $13.68 and last traded at $13.49, with a volume of 3092417 shares trading hands. The stock had previously closed at $12.42.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ADPT shares. Craig Hallum started coverage on Adaptive Biotechnologies in a research report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price objective for the company. TD Cowen upped their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Piper Sandler upped their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. upped their price target on Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Adaptive Biotechnologies currently has a consensus rating of "Moderate Buy" and an average price target of $12.38.

Adaptive Biotechnologies Stock Up 8.6%

The company has a market cap of $2.05 billion, a price-to-earnings ratio of -16.45 and a beta of 1.93. The stock has a fifty day moving average price of $11.93 and a two-hundred day moving average price of $9.88.

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

Institutional Trading of Adaptive Biotechnologies

Several large investors have recently modified their holdings of ADPT. Northern Trust Corp grew its holdings in shares of Adaptive Biotechnologies by 13.5% during the 4th quarter. Northern Trust Corp now owns 1,093,981 shares of the company's stock worth $6,558,000 after purchasing an additional 130,449 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Adaptive Biotechnologies by 794.0% during the 4th quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company's stock worth $4,417,000 after purchasing an additional 654,309 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Adaptive Biotechnologies in the fourth quarter valued at about $319,000. Deutsche Bank AG boosted its stake in Adaptive Biotechnologies by 397.6% in the fourth quarter. Deutsche Bank AG now owns 630,577 shares of the company's stock valued at $3,783,000 after buying an additional 503,842 shares in the last quarter. Finally, Graham Capital Management L.P. acquired a new stake in Adaptive Biotechnologies in the fourth quarter valued at about $245,000. 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.

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