Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High - Time to Buy?

Key Points

• Adaptive Biotechnologies reached a new 52-week high of $13.75 during trading on Thursday, closing at $13.74 with a trading volume of 722,397 shares.
• Several analysts upgraded their price targets for the stock, with Piper Sandler and TD Cowen both setting targets at $15.00 and recommending a "buy" rating.
• The company's recent quarterly earnings report showed a revenue increase of 36.3% year-over-year, beating expectations with $49.94 million in revenue and an EPS of ($0.17).

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $13.75 and last traded at $13.74, with a volume of 722397 shares changing hands. The stock had previously closed at $12.82.

Wall Street Analysts Forecast Growth

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

Adaptive Biotechnologies Price Performance

The firm's 50-day simple moving average is $12.12 and its 200 day simple moving average is $10.16.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $49.94 million for the quarter, compared to analysts' expectations of $49.40 million. During the same period in the previous year, the business earned ($0.31) earnings per share. Adaptive Biotechnologies's revenue for the quarter was up 36.3% compared to the same quarter last year. On average, equities analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Institutional investors have recently bought and sold shares of the stock. Blair William & Co. IL purchased a new position in Adaptive Biotechnologies in the 1st quarter worth about $84,000. Personal CFO Solutions LLC purchased a new position in Adaptive Biotechnologies in the 1st quarter worth about $84,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Adaptive Biotechnologies in the 2nd quarter worth about $134,000. Wealth Enhancement Advisory Services LLC purchased a new position in Adaptive Biotechnologies in the 1st quarter worth about $87,000. Finally, Candriam S.C.A. purchased a new position in Adaptive Biotechnologies in the 1st quarter worth about $90,000. 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.