Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price 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.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ADPT. JPMorgan Chase & Co. lifted their price target on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Morgan Stanley lifted their price target on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. TD Cowen lifted their price target on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Craig Hallum began coverage on shares of Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target for the company. Finally, The Goldman Sachs Group lifted their price target on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Seven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $12.38.

Adaptive Biotechnologies Stock Up 2.9%

The firm's 50 day simple moving average is $11.32 and its two-hundred day simple moving average is $9.35. The stock has a market cap of $1.93 billion, a P/E ratio of -15.45 and a beta of 1.92.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $49.40 million. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. The firm's revenue for the quarter was up 36.3% compared to the same quarter last year. As a group, equities analysts predict that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. State of Wyoming acquired a new position in shares of Adaptive Biotechnologies during the second quarter valued at $411,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Adaptive Biotechnologies by 168.4% during the second quarter. CANADA LIFE ASSURANCE Co now owns 25,917 shares of the company's stock valued at $302,000 after acquiring an additional 16,262 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Adaptive Biotechnologies by 7.6% during the second quarter. Captrust Financial Advisors now owns 15,762 shares of the company's stock valued at $184,000 after acquiring an additional 1,119 shares during the period. Tidal Investments LLC acquired a new position in shares of Adaptive Biotechnologies during the second quarter valued at $443,000. Finally, Moore Capital Management LP acquired a new position in shares of Adaptive Biotechnologies during the second quarter valued at $2,912,000. Institutional investors and hedge funds 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.