Adaptive Biotechnologies (NASDAQ:ADPT) Trading Down 6.3% - Should You Sell?

Key Points

• Adaptive Biotechnologies' shares fell by 6.3% during trading, with the stock last traded at $12.22, significantly lower than its previous closing price of $13.04.
• Investment analysts have mixed views; JPMorgan and Piper Sandler have increased their target prices significantly, suggesting a buoyant outlook for the company with multiple buy ratings.
• The company reported a 36.3% increase in revenue year-over-year, with earnings per share surpassing analysts' expectations despite reporting negative margins.

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) dropped 6.3% on Monday . The company traded as low as $12.60 and last traded at $12.22. Approximately 125,136 shares changed hands during trading, a decline of 94% from the average daily volume of 2,031,924 shares. The stock had previously closed at $13.04.

Analyst Upgrades and Downgrades

ADPT has been the topic of several research reports. Craig Hallum initiated coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They set a "buy" rating and a $15.00 price objective on the stock. Piper Sandler increased their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. The Goldman Sachs Group increased their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Morgan Stanley upped their price target on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Adaptive Biotechnologies presently has a consensus rating of "Moderate Buy" and an average price target of $12.38.

Adaptive Biotechnologies Stock Performance

The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of -15.85 and a beta of 1.92. The stock has a fifty day simple moving average of $11.42 and a two-hundred day simple moving average of $9.42.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates 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 revenue for the quarter was up 36.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.31) earnings per share. Research analysts forecast that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Ameriprise Financial Inc. increased its holdings 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 worth $49,355,000 after buying an additional 5,905,756 shares during the last quarter. Braidwell LP purchased a new position in Adaptive Biotechnologies during the 1st quarter valued at about $35,692,000. Voya Investment Management LLC increased its holdings in Adaptive Biotechnologies by 6,121.7% during the 4th quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company's stock valued at $14,560,000 after purchasing an additional 2,389,674 shares during the period. Iron Triangle Partners LP purchased a new position in Adaptive Biotechnologies during the 1st quarter valued at about $15,856,000. Finally, Soleus Capital Management L.P. lifted its holdings in Adaptive Biotechnologies by 168.1% in the fourth 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 period. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

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.