Adaptive Biotechnologies Corporation $ADPT Shares Purchased by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. significantly increased its stake in Adaptive Biotechnologies, owning 6,642,476 shares after a purchase that raised its holding by 801.6% in the first quarter.
• Adaptive Biotechnologies reported a revenue of $49.94 million for the quarter, exceeding analyst estimates and marking a year-over-year increase of 36.3%, despite a negative net margin of 59.07%.
• Numerous analysts recently raised their price targets for the stock, with TD Cowen and Piper Sandler both setting new targets at $15.00, indicating a bullish outlook on the company.

Ameriprise Financial Inc. grew its position in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 801.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,642,476 shares of the company's stock after purchasing an additional 5,905,756 shares during the period. Ameriprise Financial Inc. owned approximately 4.37% of Adaptive Biotechnologies worth $49,355,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Fox Run Management L.L.C. lifted its position in Adaptive Biotechnologies by 8.2% during the first quarter. Fox Run Management L.L.C. now owns 21,565 shares of the company's stock valued at $160,000 after buying an additional 1,631 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Adaptive Biotechnologies by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,916 shares of the company's stock valued at $395,000 after acquiring an additional 2,625 shares during the period. D.A. Davidson & CO. lifted its holdings in shares of Adaptive Biotechnologies by 3.8% during the 1st quarter. D.A. Davidson & CO. now owns 91,850 shares of the company's stock valued at $682,000 after acquiring an additional 3,400 shares in the last quarter. GAMMA Investing LLC boosted its position in Adaptive Biotechnologies by 36.5% during the 1st quarter. GAMMA Investing LLC now owns 13,393 shares of the company's stock worth $100,000 after purchasing an additional 3,583 shares during the period. Finally, MetLife Investment Management LLC boosted its position in Adaptive Biotechnologies by 5.6% during the 4th quarter. MetLife Investment Management LLC now owns 68,976 shares of the company's stock worth $414,000 after purchasing an additional 3,650 shares during the period. Institutional investors and hedge funds own 99.17% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. TD Cowen boosted their price objective on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Morgan Stanley raised their target price on Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Craig Hallum assumed coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target for the company. Piper Sandler increased their price objective on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $12.38.

Adaptive Biotechnologies Stock Performance

Shares of Adaptive Biotechnologies stock traded down $0.34 during trading on Tuesday, reaching $12.84. The company had a trading volume of 1,352,788 shares, compared to its average volume of 2,173,606. Adaptive Biotechnologies Corporation has a fifty-two week low of $3.98 and a fifty-two week high of $13.52. The firm's fifty day moving average is $11.78 and its 200-day moving average is $9.68. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -15.66 and a beta of 1.93.

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 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 firm had revenue of $49.94 million during the quarter, compared to analyst estimates of $49.40 million. During the same period in the previous year, the company earned ($0.31) earnings per share. Adaptive Biotechnologies's quarterly revenue was up 36.3% on a year-over-year basis. On average, research analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current fiscal 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.