California State Teachers Retirement System Raises Holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

California State Teachers Retirement System grew its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT - Free Report) by 1,060.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 97,388 shares of the company's stock after acquiring an additional 88,996 shares during the quarter. California State Teachers Retirement System owned 0.07% of Adaptive Biotechnologies worth $584,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cibc World Markets Corp acquired a new stake in Adaptive Biotechnologies in the fourth quarter worth about $65,000. Bridgefront Capital LLC purchased a new stake in Adaptive Biotechnologies in the fourth quarter valued at approximately $80,000. Amundi increased its holdings in Adaptive Biotechnologies by 41.2% in the 4th quarter. Amundi now owns 15,532 shares of the company's stock worth $93,000 after buying an additional 4,531 shares during the period. Proficio Capital Partners LLC purchased a new position in Adaptive Biotechnologies during the 4th quarter worth approximately $93,000. Finally, Walleye Capital LLC purchased a new position in Adaptive Biotechnologies during the 4th quarter worth approximately $94,000. Institutional investors and hedge funds own 99.17% of the company's stock.

Wall Street Analyst Weigh In

ADPT has been the subject of several research reports. Piper Sandler restated an "overweight" rating and set a $13.00 price objective (up from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. Morgan Stanley lifted their price objective on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. The Goldman Sachs Group increased their price target on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Scotiabank increased their price target on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a "sector outperform" rating in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $9.83.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, insider Harlan S. Robins sold 68,412 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $7.35, for a total value of $502,828.20. Following the completion of the sale, the insider now directly owns 1,279,524 shares in the company, valued at $9,404,501.40. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 72,039 shares of company stock valued at $535,259. 6.40% of the stock is owned by company insiders.

Adaptive Biotechnologies Price Performance

NASDAQ:ADPT traded down $0.09 during trading hours on Friday, reaching $10.32. The company had a trading volume of 979,158 shares, compared to its average volume of 1,563,240. Adaptive Biotechnologies Co. has a 1-year low of $2.99 and a 1-year high of $10.87. The firm has a market cap of $1.57 billion, a PE ratio of -9.47 and a beta of 1.80. The business's 50 day moving average price is $8.79 and its 200-day moving average price is $7.80.

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

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.