Lord Abbett & CO. LLC Takes Position in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Lord Abbett & CO. LLC has acquired 1,027,267 shares of Adaptive Biotechnologies, representing a new investment valued at approximately $7.6 million, which brings their total ownership to 0.68%.
• Adaptive Biotechnologies reported a revenue increase of 36.3% year-over-year, with Q2 earnings per share of ($0.17), surpassing analysts' expectations by $0.07.
• Analysts have raised price targets for Adaptive Biotechnologies, with JPMorgan Chase setting a target of $14 and TD Cowen increasing it to $15, reflecting strong bullish sentiment on the stock.

Lord Abbett & CO. LLC purchased a new stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,027,267 shares of the company's stock, valued at approximately $7,633,000. Lord Abbett & CO. LLC owned about 0.68% of Adaptive Biotechnologies as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ADPT. Vanguard Group Inc. lifted its holdings in shares of Adaptive Biotechnologies by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company's stock valued at $82,796,000 after acquiring an additional 428,540 shares in the last quarter. Soleus Capital Management L.P. lifted its holdings in shares of Adaptive Biotechnologies by 168.1% during the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock valued at $17,884,000 after acquiring an additional 1,870,393 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Adaptive Biotechnologies by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,684,506 shares of the company's stock valued at $16,098,000 after acquiring an additional 22,628 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of Adaptive Biotechnologies by 6,121.7% during the 4th quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company's stock valued at $14,560,000 after acquiring an additional 2,389,674 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Adaptive Biotechnologies by 9,892.2% during the 1st quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company's stock valued at $13,108,000 after acquiring an additional 1,746,571 shares in the last quarter. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Price Performance

Shares of NASDAQ:ADPT traded up $0.5250 during trading on Friday, reaching $13.1550. 664,341 shares of the company's stock traded hands, compared to its average volume of 2,030,671. Adaptive Biotechnologies Corporation has a 12 month low of $3.98 and a 12 month high of $13.40. The company has a 50 day moving average of $11.37 and a 200-day moving average of $9.38. The stock has a market capitalization of $2.00 billion, a P/E ratio of -16.02 and a beta of 1.92.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.17) earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.07. The business had revenue of $49.94 million during the quarter, compared to the consensus estimate of $49.40 million. Adaptive Biotechnologies had a negative net margin of 59.07% and a negative return on equity of 60.93%. The company's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.31) EPS. Equities research analysts predict that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADPT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Craig Hallum initiated coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price objective on the stock. TD Cowen boosted their price objective on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Piper Sandler boosted their price objective on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Finally, Morgan Stanley boosted their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Adaptive Biotechnologies currently has a consensus rating of "Moderate Buy" and an average target price of $12.38.

Adaptive Biotechnologies Profile

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.