Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 7.5% - What's Next?

Key Points

• Adaptive Biotechnologies' shares rose by 7.5% to $13.35, following a report of increased analyst interest and upgrades to the stock's target price by various firms.
• JPMorgan Chase & Co. raised their target price from $10.00 to $14.00, while multiple firms set target prices between $14.00 and $15.00, indicating a positive outlook for the company.
• The company reported a revenue of $49.94 million for the last quarter, exceeding estimates, and showed a significant year-over-year growth of 36.3% despite posting a negative EPS of ($0.17).

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) shot up 7.5% on Thursday . The stock traded as high as $12.98 and last traded at $13.35. 139,525 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 2,006,324 shares. The stock had previously closed at $12.42.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Adaptive Biotechnologies from $10.00 to $14.00 and gave the company 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 report on Wednesday, August 6th. Craig Hallum began coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price objective for the company. Finally, Piper Sandler increased their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $12.38.

Adaptive Biotechnologies Stock Performance

The firm has a market cap of $2.06 billion, a P/E ratio of -16.48 and a beta of 1.93. The business has a 50-day simple moving average of $11.90 and a 200 day simple moving average of $9.85.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ADPT. Northern Trust Corp grew its stake in shares of Adaptive Biotechnologies by 13.5% during the fourth quarter. Northern Trust Corp now owns 1,093,981 shares of the company's stock valued at $6,558,000 after buying an additional 130,449 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Adaptive Biotechnologies by 794.0% during the fourth quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company's stock valued at $4,417,000 after buying an additional 654,309 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $319,000. Deutsche Bank AG grew its stake in shares of Adaptive Biotechnologies by 397.6% during 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 during the last quarter. Finally, Graham Capital Management L.P. bought a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $245,000. 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.

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