Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) traded up 4.2% during mid-day trading on Wednesday . The company traded as high as $11.18 and last traded at $11.10. 586,936 shares changed hands during trading, a decline of 63% from the average session volume of 1,567,606 shares. The stock had previously closed at $10.65.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Craig Hallum assumed coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They set a "buy" rating and a $15.00 price target for the company. Piper Sandler reiterated an "overweight" rating and issued a $13.00 target price (up previously from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. Morgan Stanley increased their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Finally, The Goldman Sachs Group increased their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Adaptive Biotechnologies currently has an average rating of "Moderate Buy" and an average price target of $10.57.
View Our Latest Stock Analysis on ADPT
Adaptive Biotechnologies Price Performance
The company's 50 day moving average is $9.42 and its two-hundred day moving average is $8.13. The firm has a market cap of $1.79 billion, a P/E ratio of -12.28 and a beta of 1.80.
Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.20) EPS for the quarter, topping analysts' consensus estimates of ($0.28) by $0.08. The firm had revenue of $52.44 million during the quarter, compared to analysts' expectations of $42.13 million. Adaptive Biotechnologies had a negative net margin of 74.84% and a negative return on equity of 62.79%. The company's revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.33) earnings per share. Research analysts predict that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current year.
Insiders Place Their Bets
In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 68,412 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $7.35, for a total value of $502,828.20. Following the transaction, the insider now directly owns 1,279,524 shares in the company, valued at $9,404,501.40. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.40% of the company's stock.
Hedge Funds Weigh In On Adaptive Biotechnologies
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADPT. Ameriprise Financial Inc. boosted its position in Adaptive Biotechnologies by 801.6% in the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock valued at $49,355,000 after buying an additional 5,905,756 shares in the last quarter. Braidwell LP acquired a new position in Adaptive Biotechnologies in the first quarter valued at about $35,692,000. Voya Investment Management LLC boosted its position in Adaptive Biotechnologies by 6,121.7% in the fourth quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company's stock valued at $14,560,000 after buying an additional 2,389,674 shares in the last quarter. Iron Triangle Partners LP acquired a new position in Adaptive Biotechnologies in the first quarter valued at about $15,856,000. Finally, Soleus Capital Management L.P. boosted its position 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 valued at $17,884,000 after buying an additional 1,870,393 shares in the last quarter. 99.17% of the stock is currently owned by institutional investors and hedge funds.
About Adaptive Biotechnologies
(
Get Free Report)
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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