Adaptive Biotechnologies Corporation $ADPT Shares Bought 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% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,642,476 shares of the company's stock after buying an additional 5,905,756 shares during the period. Ameriprise Financial Inc. owned 4.37% of Adaptive Biotechnologies worth $49,355,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADPT. Bridgefront Capital LLC purchased a new position in Adaptive Biotechnologies in the fourth quarter worth approximately $80,000. Personal CFO Solutions LLC acquired a new position in shares of Adaptive Biotechnologies in the 1st quarter valued at $84,000. Blair William & Co. IL acquired a new position in shares of Adaptive Biotechnologies in the 1st quarter valued at $84,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Adaptive Biotechnologies during the 1st quarter worth $87,000. Finally, Candriam S.C.A. acquired a new stake in shares of Adaptive Biotechnologies during the 1st quarter worth about $90,000. Hedge funds and other institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Performance

NASDAQ ADPT opened at $12.97 on Thursday. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -15.82 and a beta of 1.92. The firm has a 50 day simple moving average of $11.57 and a 200-day simple moving average of $9.52. Adaptive Biotechnologies Corporation has a one year low of $3.98 and a one year high of $13.40.

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

Analysts Set New Price Targets

A number of research analysts have commented on the stock. TD Cowen upped their target price on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Craig Hallum assumed coverage on shares of Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target on the stock. Piper Sandler increased their price objective on shares of Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group lifted their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Morgan Stanley upped their price target on Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Seven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Adaptive Biotechnologies presently has a consensus rating of "Moderate Buy" and an average target price 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.

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