Adaptive Biotechnologies (NASDAQ:ADPT) Stock Rated "Buy" in New Coverage at The Goldman Sachs Group

Key Points

• Goldman Sachs initiated coverage of Adaptive Biotechnologies with a “Buy” rating and a $35 price target, implying approximately 22.8% upside from the reported price.
• Analyst sentiment is broadly positive, with six Buy ratings, one Hold, and one Sell; MarketBeat reports a consensus “Moderate Buy” rating and a $28.06 average price target.
• Adaptive reported quarterly revenue of $71.55 million, up 21.5% year over year and above estimates, but its $0.25 per-share loss exceeded the expected $0.13 loss. Insiders sold roughly $43.6 million of stock over the past 90 days.

Equities research analysts at The Goldman Sachs Group initiated coverage on shares of Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) in a report released on Tuesday, Benzinga reports. The firm set a "buy" rating and a $35.00 price target on the stock. The Goldman Sachs Group's target price would indicate a potential upside of 22.76% from the company's current price.

ADPT has been the topic of several other research reports. Weiss Ratings restated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research note on Friday, July 17th. Morgan Stanley lifted their price objective on shares of Adaptive Biotechnologies from $20.00 to $22.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. National Bank Financial set a $34.00 price objective on shares of Adaptive Biotechnologies in a report on Tuesday, September 22nd. Piper Sandler increased their target price on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Finally, BTIG Research raised their target price on Adaptive Biotechnologies from $25.00 to $34.00 and gave the company a "buy" rating in a report on Tuesday, September 22nd. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Adaptive Biotechnologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.06.

Adaptive Biotechnologies Stock Down 3.1%

ADPT opened at $28.51 on Tuesday. The company has a market capitalization of $4.55 billion, a PE ratio of -69.54 and a beta of 2.09. The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. Adaptive Biotechnologies has a fifty-two week low of $12.00 and a fifty-two week high of $29.96. The business has a 50-day moving average of $25.15 and a 200-day moving average of $19.22.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced 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). The firm had revenue of $71.55 million during the quarter, compared to the consensus estimate of $65.44 million. Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The company's quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) EPS. Equities research analysts forecast that Adaptive Biotechnologies will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Francis Lo sold 115,406 shares of the firm's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $28.06, for a total value of $3,238,292.36. Following the sale, the insider directly owned 220,867 shares of the company's stock, valued at approximately $6,197,528.02. This trade represents a 34.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Harlan S. Robins sold 492,400 shares of Adaptive Biotechnologies stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $21.89, for a total value of $10,778,636.00. Following the completion of the transaction, the insider owned 812,058 shares in the company, valued at $17,775,949.62. The trade was a 37.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,851,223 shares of company stock worth $43,590,105 in the last ninety days. 5.70% of the stock is owned by insiders.

Institutional Trading of Adaptive Biotechnologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new position in shares of Adaptive Biotechnologies during the second quarter worth approximately $855,000. Integrated Wealth Concepts LLC bought a new position in Adaptive Biotechnologies during the second quarter worth $46,000. Arizona State Retirement System increased its position in Adaptive Biotechnologies by 1.3% during the second quarter. Arizona State Retirement System now owns 31,866 shares of the company's stock worth $684,000 after acquiring an additional 416 shares during the period. Nykredit A S acquired a new position in Adaptive Biotechnologies during the 2nd quarter valued at $31,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Adaptive Biotechnologies in the 2nd quarter valued at $754,000. Institutional investors and hedge funds own 99.17% of the company's stock.

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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