Adaptive Biotechnologies Corporation $ADPT Stake Decreased by Millennium Management LLC

Key Points

• Millennium Management LLC significantly reduced its stake in Adaptive Biotechnologies Corporation by 52.4%, now holding approximately 2.99 million shares, valued at about $22.25 million.
• Adaptive Biotechnologies reported a quarterly earnings loss of ($0.17) EPS, beating expectations while showcasing a revenue increase of 36.3% year-over-year.
• Brokerages have raised their target prices for Adaptive Biotechnologies, with several institutions giving the stock an "overweight" rating and a consensus price target of $12.38.

Millennium Management LLC reduced its position in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 52.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,995,301 shares of the company's stock after selling 3,297,333 shares during the quarter. Millennium Management LLC owned about 1.97% of Adaptive Biotechnologies worth $22,255,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in ADPT. Ameriprise Financial Inc. raised its position in shares of Adaptive Biotechnologies by 801.6% in the 1st quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock worth $49,355,000 after buying an additional 5,905,756 shares during the period. Braidwell LP acquired a new stake in Adaptive Biotechnologies in the 1st quarter valued at $35,692,000. Iron Triangle Partners LP acquired a new stake in Adaptive Biotechnologies in the 1st quarter valued at $15,856,000. Soleus Capital Management L.P. increased its holdings in Adaptive Biotechnologies by 168.1% in the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock valued at $17,884,000 after purchasing an additional 1,870,393 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Adaptive Biotechnologies by 9,892.2% in the 1st quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company's stock valued at $13,108,000 after purchasing an additional 1,746,571 shares in the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Stock Performance

Shares of ADPT stock traded up $0.95 during trading hours on Thursday, hitting $13.77. 1,457,597 shares of the company were exchanged, compared to its average volume of 1,670,184. Adaptive Biotechnologies Corporation has a one year low of $3.98 and a one year high of $13.79. The business's 50-day simple moving average is $12.05 and its two-hundred day simple moving average is $10.05. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -16.79 and a beta of 1.93.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.07. Adaptive Biotechnologies had a negative net margin of 59.07% and a negative return on equity of 60.93%. The business had revenue of $49.94 million for the quarter, compared to analysts' expectations of $49.40 million. During the same quarter last year, the company posted ($0.31) earnings per share. The company's quarterly revenue was up 36.3% compared to the same quarter last year. As a group, analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADPT shares. Craig Hallum started 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. TD Cowen increased their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Piper Sandler increased their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. increased their price target on Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Adaptive Biotechnologies currently has a consensus rating of "Moderate Buy" and an average 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.