Adaptive Biotechnologies (NASDAQ:ADPT) Price Target Raised to $34.00 at BTIG Research

Key Points

• BTIG Research raised Adaptive Biotechnologies’ price target to $34 from $25 and maintained a “buy” rating, implying 22.04% upside from the prior close.
• Analyst sentiment is generally positive, with five buy ratings, one hold, and one sell; the consensus rating is “Moderate Buy” with an average target of $25.92.
• Adaptive reported stronger-than-expected quarterly revenue of $71.55 million, up 21.5% year over year, but missed EPS estimates with a loss of $0.25 per share. Insiders have also sold more than 2 million shares worth approximately $47.1 million over the past 90 days.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) had its target price increased by BTIG Research from $25.00 to $34.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price points to a potential upside of 22.04% from the stock's previous close.

Several other analysts have also recently commented on ADPT. Morgan Stanley raised their target price on Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. TD Cowen upped their price target on Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Guggenheim increased their price objective on Adaptive Biotechnologies from $22.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research note on Friday, July 17th. Finally, Piper Sandler upped their target price on Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.92.

Adaptive Biotechnologies Stock Down 2.6%

ADPT stock opened at $27.86 on Tuesday. Adaptive Biotechnologies has a 52-week low of $12.00 and a 52-week high of $28.78. The company's 50 day simple moving average is $24.50 and its 200-day simple moving average is $18.75. The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. The firm has a market capitalization of $4.45 billion, a P/E ratio of -67.95 and a beta of 2.09.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.12). Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The firm had revenue of $71.55 million during the quarter, compared to analysts' expectations of $65.44 million. During the same quarter last year, the company posted ($0.17) EPS. The firm's revenue was up 21.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Adaptive Biotechnologies will post -0.4 EPS for the current year.

Insider Transactions at Adaptive Biotechnologies

In other news, Director Peter M. Neupert sold 124,690 shares of Adaptive Biotechnologies stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $25.15, for a total transaction of $3,135,953.50. Following the completion of the sale, the director directly owned 130,625 shares in the company, valued at $3,285,218.75. The trade was a 48.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sharon Benzeno sold 154,768 shares of the business's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $21.14, for a total value of $3,271,795.52. Following the completion of the sale, the insider directly owned 221,278 shares of the company's stock, valued at approximately $4,677,816.92. The trade was a 41.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 2,017,025 shares of company stock valued at $47,093,615. Corporate insiders own 5.70% of the company's stock.

Institutional Trading of Adaptive Biotechnologies

A number of institutional investors have recently added to or reduced their stakes in ADPT. 1492 Capital Management LLC acquired a new stake in shares of Adaptive Biotechnologies in the fourth quarter worth about $1,484,000. Jupiter Asset Management Ltd. boosted its stake in shares of Adaptive Biotechnologies by 33.8% during the 4th quarter. Jupiter Asset Management Ltd. now owns 362,811 shares of the company's stock worth $5,892,000 after acquiring an additional 91,683 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in shares of Adaptive Biotechnologies during the 4th quarter valued at about $65,942,000. Wasatch Advisors LP bought a new position in shares of Adaptive Biotechnologies in the 2nd quarter valued at approximately $12,361,000. Finally, Rhenman & Partners Asset Management AB raised its stake in shares of Adaptive Biotechnologies by 22.2% in the 4th quarter. Rhenman & Partners Asset Management AB now owns 605,000 shares of the company's stock valued at $9,825,000 after acquiring an additional 110,000 shares in the last quarter. 99.17% of the stock is currently owned by institutional investors and hedge funds.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corp. NASDAQ: ADPT is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.

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