Ameriprise Financial Inc. Buys 654,309 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Ameriprise Financial Inc. increased its holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT - Free Report) by 794.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 736,720 shares of the company's stock after purchasing an additional 654,309 shares during the quarter. Ameriprise Financial Inc. owned 0.50% of Adaptive Biotechnologies worth $4,417,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADPT. KBC Group NV acquired a new stake in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $50,000. Cibc World Markets Corp acquired a new position in Adaptive Biotechnologies during the fourth quarter valued at $65,000. Amundi lifted its stake 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 acquiring an additional 4,531 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Adaptive Biotechnologies during the 4th quarter valued at about $93,000. Finally, Walleye Capital LLC purchased a new position in Adaptive Biotechnologies during the 4th quarter valued at about $94,000. 99.17% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Harlan S. Robins sold 68,412 shares of Adaptive Biotechnologies stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $7.35, for a total value of $502,828.20. Following the transaction, the insider now owns 1,279,524 shares in the company, valued at $9,404,501.40. This trade represents a 5.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Peter M. Neupert sold 10,000 shares of Adaptive Biotechnologies stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $7.05, for a total value of $70,500.00. Following the completion of the transaction, the director now owns 224,690 shares in the company, valued at $1,584,064.50. The trade was a 4.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 358,754 shares of company stock valued at $2,584,806 over the last 90 days. 6.40% of the stock is currently owned by company insiders.

Adaptive Biotechnologies Price Performance

NASDAQ:ADPT traded up $0.28 during trading hours on Friday, reaching $9.59. The company's stock had a trading volume of 460,477 shares, compared to its average volume of 1,573,787. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -8.82 and a beta of 1.75. Adaptive Biotechnologies Co. has a one year low of $2.99 and a one year high of $10.28. The business's 50-day moving average is $8.28 and its 200-day moving average is $7.42.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the company posted ($0.33) EPS. The firm's revenue was up 25.2% on a year-over-year basis. On average, sell-side analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.