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

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $10.87 and last traded at $10.63, with a volume of 1381759 shares trading hands. The stock had previously closed at $10.46.

Wall Street Analysts Forecast Growth

ADPT has been the subject of a number of recent analyst reports. The Goldman Sachs Group boosted their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and set a $13.00 target price (up from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. Finally, Morgan Stanley boosted their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $9.83.

Adaptive Biotechnologies Stock Down 0.9%

The stock's 50 day moving average is $8.79 and its two-hundred day moving average is $7.83. The company has a market capitalization of $1.57 billion, a PE ratio of -9.47 and a beta of 1.80.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, topping analysts' consensus estimates of ($0.28) by $0.08. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. The company had revenue of $52.44 million during the quarter, compared to analyst estimates of $42.13 million. During the same period in the prior year, the firm earned ($0.33) earnings per share. The firm's revenue for the quarter was up 25.2% compared to the same quarter last year. On average, sell-side analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 68,412 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $7.35, for a total value of $502,828.20. Following the completion of the transaction, the insider now directly owns 1,279,524 shares in the company, valued at approximately $9,404,501.40. The trade was a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 72,039 shares of company stock worth $535,259. 6.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position 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 during the last quarter. Ameriprise Financial Inc. raised its position in shares of Adaptive Biotechnologies by 801.6% in the 1st 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 last quarter. Braidwell LP purchased a new position in Adaptive Biotechnologies during the 1st quarter worth approximately $35,692,000. Massachusetts Financial Services Co. MA raised its position in Adaptive Biotechnologies by 17.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company's stock worth $20,209,000 after buying an additional 489,555 shares during the last quarter. Finally, Soleus Capital Management L.P. raised 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 during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

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.