Bank of America Corp DE Makes New Investment in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Bank of America purchased 1.73 million shares of Adaptive Biotechnologies worth approximately $37.1 million, acquiring a 1.08% stake. Institutional investors collectively own 99.17% of the company.
• Adaptive Biotechnologies reported quarterly revenue of $71.55 million, up 21.5% year over year and above estimates, but its $0.25 loss per share missed the consensus estimate of a $0.13 loss.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $24.42, although insiders sold more than 2 million shares worth roughly $47.1 million over the past three months.

Bank of America Corp DE bought a new position in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,730,044 shares of the company's stock, valued at approximately $37,109,000. Bank of America Corp DE owned approximately 1.08% of Adaptive Biotechnologies as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of ADPT. 1492 Capital Management LLC acquired a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at $1,484,000. Jupiter Asset Management Ltd. boosted its stake in Adaptive Biotechnologies by 33.8% in the fourth quarter. Jupiter Asset Management Ltd. now owns 362,811 shares of the company's stock valued at $5,892,000 after buying an additional 91,683 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in Adaptive Biotechnologies in the fourth quarter valued at about $65,942,000. Wasatch Advisors LP bought a new position in Adaptive Biotechnologies in the second quarter valued at about $12,361,000. Finally, Rhenman & Partners Asset Management AB raised its stake in Adaptive Biotechnologies by 22.2% during the fourth quarter. Rhenman & Partners Asset Management AB now owns 605,000 shares of the company's stock worth $9,825,000 after acquiring an additional 110,000 shares in the last quarter. Institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Performance

ADPT stock opened at $27.86 on Tuesday. The firm has a market cap of $4.45 billion, a PE ratio of -67.95 and a beta of 2.09. The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. The stock has a 50-day moving average price of $24.50 and a 200-day moving average price of $18.75. Adaptive Biotechnologies Corporation has a 1-year low of $12.00 and a 1-year high of $28.78.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.12). Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The company had revenue of $71.55 million during the quarter, compared to the consensus estimate of $65.44 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The business's revenue was up 21.5% compared to the same quarter last year. As a group, equities research analysts expect that Adaptive Biotechnologies Corporation will post -0.4 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ADPT shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a report on Friday, July 17th. TD Cowen increased their target price on Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. BTIG Research lifted their price target on Adaptive Biotechnologies from $24.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Guggenheim boosted their price target on Adaptive Biotechnologies from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, Morgan Stanley raised their price target on shares of Adaptive Biotechnologies from $20.00 to $22.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.42.

Insider Activity

In other Adaptive Biotechnologies news, insider Sharon Benzeno sold 154,768 shares of Adaptive Biotechnologies stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $21.14, for a total transaction of $3,271,795.52. Following the completion of the transaction, the insider owned 221,278 shares in the company, valued at approximately $4,677,816.92. The trade was a 41.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter Neupert sold 124,690 shares of the business's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $25.15, for a total value of $3,135,953.50. Following the sale, the director directly owned 130,625 shares of the company's stock, valued at $3,285,218.75. This represents a 48.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 2,017,025 shares of company stock valued at $47,093,615. 5.70% of the stock is currently owned by insiders.

Adaptive Biotechnologies Profile

Adaptive Biotechnologies Corp. NASDAQ: ADPT is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.

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