ARK Investment Management LLC Reduces 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 stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 17.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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.

A number of other hedge funds have also recently modified their holdings of ADPT. Vanguard Group Inc. grew its position in Adaptive Biotechnologies by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company's stock worth $64,236,000 after purchasing an additional 75,448 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Adaptive Biotechnologies by 17.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company's stock worth $20,209,000 after purchasing an additional 489,555 shares during the last quarter. Soleus Capital Management L.P. grew its position in Adaptive Biotechnologies by 168.1% during the 4th 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 last quarter. Geode Capital Management LLC grew its position in Adaptive Biotechnologies by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 2,684,506 shares of the company's stock worth $16,098,000 after purchasing an additional 22,628 shares during the last quarter. Finally, Voya Investment Management LLC grew 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 purchasing an additional 2,389,674 shares during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Stock Up 0.8%

Shares of NASDAQ ADPT opened at $10.75 on Friday. Adaptive Biotechnologies Corporation has a 52 week low of $3.85 and a 52 week high of $12.43. The firm has a 50-day moving average price of $10.54 and a 200 day moving average price of $8.79. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -11.20 and a beta of 1.83.

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

Insider Activity at Adaptive Biotechnologies

In related news, insider Harlan S. Robins sold 68,412 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $7.35, for a total value of $502,828.20. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ADPT shares. Craig Hallum started coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 target price on the stock. 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. Piper Sandler reaffirmed an "overweight" rating and issued a $13.00 target price (up previously from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Finally, Morgan Stanley lifted 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. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Adaptive Biotechnologies currently has an average rating of "Moderate Buy" and an average price target of $10.57.

About Adaptive Biotechnologies

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.

Want to see what other hedge funds are holding ADPT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.