Guggenheim Forecasts Strong Price Appreciation for Adaptive Biotechnologies (NASDAQ:ADPT) Stock

Key Points

• Guggenheim raised its price target on Adaptive Biotechnologies from $32 to $34 and reiterated a Buy rating, implying 12.36% upside from the prior close.
• Analyst sentiment is broadly positive: six analysts rate the stock Buy, one Hold and one Sell, for a consensus “Moderate Buy” rating and a $30.31 average price target.
• The company topped quarterly earnings and revenue estimates, reporting EPS of $0.02 versus expectations of a $0.10 loss and revenue of $83.9 million versus $71.57 million expected. Revenue was nevertheless down 10.7% year over year.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) had its target price upped by equities researchers at Guggenheim from $32.00 to $34.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Guggenheim's price objective would suggest a potential upside of 12.36% from the stock's previous close.

Other analysts also recently issued research reports about the stock. BTIG Research upped their price target on shares of Adaptive Biotechnologies from $25.00 to $34.00 and gave the company a "buy" rating in a report on Tuesday, September 22nd. TD Cowen increased their price target on shares of Adaptive Biotechnologies from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Tuesday, October 13th. Morgan Stanley raised their price objective on shares of Adaptive Biotechnologies from $22.00 to $27.00 and gave the stock an "equal weight" rating in a research note on Monday, October 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research report on Thursday, October 15th. Finally, National Bank Financial set a $34.00 price objective on Adaptive Biotechnologies in a research report on Tuesday, September 22nd. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.31.

Adaptive Biotechnologies Stock Performance

Shares of ADPT stock opened at $30.26 on Tuesday. Adaptive Biotechnologies has a fifty-two week low of $12.00 and a fifty-two week high of $30.79. The business has a fifty day simple moving average of $26.52 and a 200-day simple moving average of $19.92. The company has a debt-to-equity ratio of 2.22, a quick ratio of 4.68 and a current ratio of 4.79.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.12. The business had revenue of $83.90 million for the quarter, compared to analyst estimates of $71.57 million. Adaptive Biotechnologies had a negative net margin of 23.67% and a negative return on equity of 23.47%. The business's revenue for the quarter was down 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 EPS. On average, analysts predict that Adaptive Biotechnologies will post -0.40 earnings per share for the current year.

Insider Buying and Selling

In other Adaptive Biotechnologies news, Director Peter Neupert sold 124,690 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $25.15, for a total transaction of $3,135,953.50. Following the sale, the director directly owned 130,625 shares of the company's stock, valued at $3,285,218.75. This trade represents a 48.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Hershberg sold 30,664 shares of Adaptive Biotechnologies stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $24.40, for a total transaction of $748,201.60. Following the sale, the director owned 46,683 shares of the company's stock, valued at approximately $1,139,065.20. This trade represents a 39.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,059,644 shares of company stock worth $27,046,836 in the last 90 days. 5.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ADPT. Edgestream Partners L.P. acquired a new stake in shares of Adaptive Biotechnologies in the third quarter worth approximately $621,000. HighTower Advisors LLC purchased a new stake in Adaptive Biotechnologies in the third quarter valued at approximately $216,000. Virtus Advisers LLC grew its holdings in Adaptive Biotechnologies by 16.1% in the third quarter. Virtus Advisers LLC now owns 18,810 shares of the company's stock valued at $544,000 after purchasing an additional 2,613 shares during the period. Russell Investments Group Ltd. increased its position in Adaptive Biotechnologies by 14.0% during the third quarter. Russell Investments Group Ltd. now owns 89,721 shares of the company's stock worth $2,593,000 after purchasing an additional 10,999 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. acquired a new position in Adaptive Biotechnologies during the third quarter worth approximately $252,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

About Adaptive Biotechnologies

Adaptive Biotechnologies is a biotechnology company focused on using the human immune system to diagnose and treat disease. Based in Seattle, Washington, the company develops technologies that sequence and analyze immune cells and their receptors, generating data for clinical testing, research and drug development.

Its products include immunoSEQ, a platform used by researchers and biopharmaceutical companies to study immune responses, and clonoSEQ, a clinical test that detects and monitors minimal residual disease in certain blood cancers.

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