Adaptive Biotechnologies (NASDAQ:ADPT) Sees Large Volume Increase After Analyst Upgrade

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) shares saw an uptick in trading volume on Monday after Morgan Stanley raised their price target on the stock from $7.00 to $9.00. Morgan Stanley currently has an equal weight rating on the stock. 1,380,969 shares traded hands during mid-day trading, a decline of 11% from the previous session's volume of 1,546,766 shares.The stock last traded at $10.11 and had previously closed at $9.84.

Other research analysts also recently issued research reports about the stock. Scotiabank upped their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a "sector outperform" rating in a research report on Thursday, February 13th. The Goldman Sachs Group upped their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Piper Sandler reissued an "overweight" rating and issued a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Adaptive Biotechnologies has a consensus rating of "Moderate Buy" and a consensus target price of $9.83.

Insider Transactions at Adaptive Biotechnologies

In other news, insider Francis Lo sold 20,875 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.99, for a total value of $145,916.25. Following the transaction, the insider now directly owns 332,846 shares in the company, valued at $2,326,593.54. This trade represents a 5.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Chad M. Robins sold 211,160 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total value of $1,794,860.00. Following the completion of the sale, the chief executive officer now owns 2,576,701 shares of the company's stock, valued at $21,901,958.50. This represents a 7.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 826,013 shares of company stock worth $6,543,452 in the last quarter. 6.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Adaptive Biotechnologies by 4.0% during the first 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 period. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Adaptive Biotechnologies by 39.1% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 49,413 shares of the company's stock valued at $367,000 after buying an additional 13,892 shares during the period. Blair William & Co. IL acquired a new position in shares of Adaptive Biotechnologies in the 1st quarter valued at $84,000. US Bancorp DE increased its position in shares of Adaptive Biotechnologies by 12.4% in the 1st quarter. US Bancorp DE now owns 134,051 shares of the company's stock valued at $996,000 after buying an additional 14,764 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in Adaptive Biotechnologies during the 1st quarter worth $155,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Stock Down 2.6 %

The stock has a market capitalization of $1.37 billion, a P/E ratio of -8.28 and a beta of 1.75. The company has a fifty day simple moving average of $7.84 and a two-hundred day simple moving average of $7.01.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.08. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. The business had revenue of $52.44 million during the quarter, compared to analyst estimates of $42.13 million. During the same period in the previous year, the firm earned ($0.33) EPS. Adaptive Biotechnologies's quarterly revenue was up 25.2% compared to the same quarter last year. As a group, equities analysts forecast that Adaptive Biotechnologies Co. 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.