Adaptive Biotechnologies Co. (NASDAQ:ADPT) Stake Lifted by California State Teachers Retirement System

California State Teachers Retirement System raised its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT - Free Report) by 1,060.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 97,388 shares of the company's stock after buying an additional 88,996 shares during the quarter. California State Teachers Retirement System owned about 0.07% of Adaptive Biotechnologies worth $584,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADPT. Voya Investment Management LLC raised its position in shares of Adaptive Biotechnologies by 6,121.7% in the 4th quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company's stock valued at $14,560,000 after purchasing an additional 2,389,674 shares during the last quarter. Soleus Capital Management L.P. raised its position in 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 worth $17,884,000 after buying an additional 1,870,393 shares during the last quarter. Ameriprise Financial Inc. raised its position in Adaptive Biotechnologies by 794.0% during the 4th quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company's stock worth $4,417,000 after buying an additional 654,309 shares during the last quarter. Deutsche Bank AG raised its position in Adaptive Biotechnologies by 397.6% during the 4th quarter. Deutsche Bank AG now owns 630,577 shares of the company's stock worth $3,783,000 after buying an additional 503,842 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Adaptive Biotechnologies by 17.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company's stock worth $20,209,000 after buying an additional 489,555 shares during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, insider Harlan S. Robins sold 68,412 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $7.35, for a total transaction of $502,828.20. Following the transaction, the insider now directly owns 1,279,524 shares in the company, valued at $9,404,501.40. This represents a 5.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 72,039 shares of company stock worth $535,259. Corporate insiders own 6.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Morgan Stanley raised their price target 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. The Goldman Sachs Group raised their price objective on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $13.00 price objective (up previously from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Adaptive Biotechnologies currently has an average rating of "Moderate Buy" and an average target price of $9.83.

Adaptive Biotechnologies Stock Down 0.9%

NASDAQ ADPT traded down $0.09 during trading on Friday, hitting $10.32. The stock had a trading volume of 979,158 shares, compared to its average volume of 1,566,730. The company has a market capitalization of $1.57 billion, a PE ratio of -9.47 and a beta of 1.80. The firm has a 50 day moving average price of $8.79 and a 200 day moving average price of $7.81. Adaptive Biotechnologies Co. has a twelve month low of $2.99 and a twelve month high of $10.87.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.08. The company had revenue of $52.44 million during the quarter, compared to analysts' expectations of $42.13 million. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. The firm's revenue was up 25.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.33) EPS. On average, sell-side analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

About Adaptive Biotechnologies

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.