ARK Investment Management LLC Trims Holdings in Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Key Points

• ARK Investment Management LLC reduced its stake in Adaptive Biotechnologies by 17.9%, owning 7,732,570 shares valued at $57.45 million after selling 1,691,504 shares in the first quarter.
• Adaptive Biotechnologies reported a quarterly earnings per share (EPS) of ($0.20), surpassing the consensus estimate of ($0.28), with revenue reaching $52.44 million, up 25.2% from the previous year.
• Analysts have issued a Moderate Buy rating on Adaptive Biotechnologies with an average price target of $10.57, as hedge funds and institutional investors hold approximately 99.17% of the stock.

ARK Investment Management LLC trimmed its position in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 17.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,732,570 shares of the company's stock after selling 1,691,504 shares during the period. ARK Investment Management LLC owned approximately 5.09% of Adaptive Biotechnologies worth $57,453,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Voya Investment Management LLC boosted its position in Adaptive Biotechnologies by 6,121.7% during the 4th quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company's stock worth $14,560,000 after buying an additional 2,389,674 shares during the period. Soleus Capital Management L.P. boosted its position in Adaptive Biotechnologies by 168.1% during the fourth quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock worth $17,884,000 after purchasing an additional 1,870,393 shares during the period. Victory Capital Management Inc. lifted 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 worth $13,108,000 after buying an additional 1,746,571 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Adaptive Biotechnologies by 794.0% in the fourth quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company's stock valued at $4,417,000 after purchasing an additional 654,309 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in shares of Adaptive Biotechnologies by 397.6% in the fourth quarter. Deutsche Bank AG now owns 630,577 shares of the company's stock worth $3,783,000 after purchasing an additional 503,842 shares during the last quarter. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 68,412 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $7.35, for a total value of $502,828.20. Following the sale, the insider owned 1,279,524 shares in the company, valued at $9,404,501.40. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 6.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on ADPT. Craig Hallum initiated coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target for the company. Morgan Stanley boosted their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Piper Sandler restated an "overweight" rating and set a $13.00 target price (up previously from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group boosted 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. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $10.57.

Adaptive Biotechnologies Stock Up 2.7%

Shares of Adaptive Biotechnologies stock traded up $0.28 during trading hours on Wednesday, reaching $10.67. 430,937 shares of the stock traded hands, compared to its average volume of 1,992,002. The company has a 50 day moving average price of $10.59 and a 200 day moving average price of $8.86. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -11.11 and a beta of 1.83. Adaptive Biotechnologies Corporation has a one year low of $3.85 and a one year high of $12.43.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.28) by $0.08. Adaptive Biotechnologies had a negative return on equity of 62.79% and a negative net margin of 74.84%. The company had revenue of $52.44 million during the quarter, compared to the consensus estimate of $42.13 million. During the same period in the previous year, the company posted ($0.33) EPS. The firm's revenue was up 25.2% on a year-over-year basis. Sell-side analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.

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.