Lord Abbett & CO. LLC Takes $7.63 Million 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 shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,027,267 shares of the company's stock, valued at approximately $7,633,000. Lord Abbett & CO. LLC owned 0.68% of Adaptive Biotechnologies as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of ADPT. Geode Capital Management LLC grew its holdings in Adaptive Biotechnologies by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 2,684,506 shares of the company's stock worth $16,098,000 after acquiring an additional 22,628 shares during the period. Wells Fargo & Company MN boosted its position in shares of Adaptive Biotechnologies by 27.2% during the 4th quarter. Wells Fargo & Company MN now owns 69,286 shares of the company's stock valued at $415,000 after purchasing an additional 14,807 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Adaptive Biotechnologies by 2.7% in the 4th quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company's stock worth $486,000 after purchasing an additional 2,163 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Adaptive Biotechnologies by 3.0% in the 4th quarter. Invesco Ltd. now owns 173,591 shares of the company's stock worth $1,041,000 after purchasing an additional 4,985 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Adaptive Biotechnologies by 902.9% in the 4th quarter. Legal & General Group Plc now owns 108,630 shares of the company's stock worth $651,000 after purchasing an additional 97,798 shares in the last quarter. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT traded up $0.2960 during trading hours on Thursday, hitting $12.5960. The stock had a trading volume of 922,710 shares, compared to its average volume of 2,037,069. The firm's 50-day moving average price is $11.32 and its two-hundred day moving average price is $9.35. Adaptive Biotechnologies Corporation has a 52 week low of $3.98 and a 52 week high of $13.37. The company has a market capitalization of $1.92 billion, a P/E ratio of -15.35 and a beta of 1.92.

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

Analyst Upgrades and Downgrades

ADPT has been the subject of several analyst reports. Piper Sandler upped their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Morgan Stanley raised their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Craig Hallum started coverage on shares of Adaptive Biotechnologies in a research report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 target price on the stock. Finally, The Goldman Sachs Group upped their price target on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.