Acadian Asset Management LLC Boosts Stock Position in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Acadian Asset Management LLC increased its holdings in Adaptive Biotechnologies by 44.1%, acquiring an additional 56,058 shares, bringing their total to 183,113 shares valued at approximately $1,357,000.
• Wall Street analysts are optimistic about Adaptive Biotechnologies, with seven rating the stock as a Buy and a consensus price target of $12.38, while Piper Sandler and JPMorgan raised their targets to $15.00.
• In its latest earnings report, Adaptive Biotechnologies exceeded expectations with a revenue of $49.94 million, marking a year-over-year increase of 36.3%, despite a negative net margin and return on equity.

Acadian Asset Management LLC increased its stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 44.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 183,113 shares of the company's stock after buying an additional 56,058 shares during the quarter. Acadian Asset Management LLC owned about 0.12% of Adaptive Biotechnologies worth $1,357,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Ameriprise Financial Inc. increased its stake in Adaptive Biotechnologies by 801.6% in the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock worth $49,355,000 after purchasing an additional 5,905,756 shares during the period. Braidwell LP purchased a new stake in Adaptive Biotechnologies in the first quarter worth $35,692,000. Iron Triangle Partners LP purchased a new stake in Adaptive Biotechnologies in the first quarter worth $15,856,000. Victory Capital Management Inc. increased its stake in Adaptive Biotechnologies by 9,892.2% in the first quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company's stock worth $13,108,000 after purchasing an additional 1,746,571 shares during the period. Finally, Driehaus Capital Management LLC increased its stake in Adaptive Biotechnologies by 154.4% in the first quarter. Driehaus Capital Management LLC now owns 2,152,335 shares of the company's stock worth $15,992,000 after purchasing an additional 1,306,164 shares during the period. 99.17% of the stock is currently owned by institutional investors.

Adaptive Biotechnologies Trading Down 3.0%

Shares of Adaptive Biotechnologies stock traded down $0.41 during trading on Friday, hitting $13.36. 2,627,991 shares of the stock traded hands, compared to its average volume of 1,712,375. The firm has a market cap of $2.03 billion, a P/E ratio of -16.29 and a beta of 1.93. Adaptive Biotechnologies Corporation has a 52-week low of $3.98 and a 52-week high of $13.90. The stock's fifty day simple moving average is $12.08 and its 200 day simple moving average is $10.12.

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 the consensus estimate of ($0.24) by $0.07. Adaptive Biotechnologies had a negative return on equity of 60.93% and a negative net margin of 59.07%.The company had revenue of $49.94 million for the quarter, compared to analyst estimates of $49.40 million. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. The firm's quarterly revenue was up 36.3% compared to the same quarter last year. As a group, equities analysts expect that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current year.

Analyst Ratings Changes

ADPT has been the topic of a number of recent analyst reports. Craig Hallum initiated coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 target price on the stock. Piper Sandler increased their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. TD Cowen increased their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, JPMorgan Chase & Co. raised their price target on Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.38.

Adaptive Biotechnologies Company 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.