AlphaQuest LLC Takes $141,000 Position in Adaptive Biotechnologies Corporation $ADPT

Key Points

• AlphaQuest LLC purchased 19,015 shares of Adaptive Biotechnologies Corporation valued at approximately $141,000 in the first quarter, reflecting growing interest from institutional investors.
• Several research firms have raised their price targets for ADPT, with JPMorgan Chase setting a new target of $14.00 and Piper Sandler adjusting their target to $15.00, both maintaining an "overweight" rating.
• Despite a recent decline of 1.0% in stock value, Adaptive Biotechnologies reported a 36.3% growth in quarterly revenue year-over-year, with an EPS of ($0.17) that beat analysts' expectations.

AlphaQuest LLC purchased a new stake in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,015 shares of the company's stock, valued at approximately $141,000.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Adaptive Biotechnologies by 4.0% during the first quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company's stock valued at $82,796,000 after buying an additional 428,540 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Adaptive Biotechnologies by 801.6% during the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock worth $49,355,000 after purchasing an additional 5,905,756 shares during the last quarter. Soleus Capital Management L.P. increased its holdings in shares of Adaptive Biotechnologies by 168.1% in the fourth 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. Victory Capital Management Inc. increased its holdings in shares of Adaptive Biotechnologies by 9,892.2% in the first 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. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Adaptive Biotechnologies by 12.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,604,876 shares of the company's stock valued at $9,622,000 after purchasing an additional 183,881 shares in the last quarter. 99.17% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADPT shares. TD Cowen raised their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price objective on shares of Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Craig Hallum began coverage on Adaptive Biotechnologies in a research report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 target price on the stock. Finally, Piper Sandler boosted their price target 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. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.38.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT traded down $0.36 during trading hours on Friday, hitting $12.66. 390,371 shares of the stock were exchanged, compared to its average volume of 2,019,445. The company has a market cap of $1.93 billion, a PE ratio of -15.51 and a beta of 1.93. The company's fifty day simple moving average is $11.81 and its two-hundred day simple moving average is $9.73. Adaptive Biotechnologies Corporation has a 1-year low of $3.98 and a 1-year high of $13.52.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.07. The business 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 revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.31) EPS. As a group, sell-side analysts expect that Adaptive Biotechnologies Corporation will post -0.92 EPS 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.