Bank of New York Mellon Corp Takes $9.21 Million Position in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Bank of New York Mellon acquired 429,229 shares of Adaptive Biotechnologies worth approximately $9.21 million, while institutional investors collectively owned 99.17% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $24.42; targets ranged from $19.00 to $27.50.
• Adaptive reported stronger-than-expected revenue of $71.55 million, up 21.5% year over year, but missed on earnings with a loss of $0.25 per share. Insiders sold approximately $45.8 million of stock over the past three months.

Bank of New York Mellon Corp purchased a new stake in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 429,229 shares of the company's stock, valued at approximately $9,207,000. Bank of New York Mellon Corp owned approximately 0.27% of Adaptive Biotechnologies at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in shares of Adaptive Biotechnologies by 1.0% during the second quarter. California State Teachers Retirement System now owns 98,321 shares of the company's stock valued at $1,145,000 after acquiring an additional 933 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Adaptive Biotechnologies by 6.8% in the first quarter. PNC Financial Services Group Inc. now owns 14,737 shares of the company's stock valued at $205,000 after purchasing an additional 941 shares during the last quarter. Captrust Financial Advisors boosted its holdings in Adaptive Biotechnologies by 7.6% in the second quarter. Captrust Financial Advisors now owns 15,762 shares of the company's stock valued at $184,000 after purchasing an additional 1,119 shares during the last quarter. Assetmark Inc. grew its stake in Adaptive Biotechnologies by 46.4% during the 1st quarter. Assetmark Inc. now owns 4,421 shares of the company's stock valued at $61,000 after purchasing an additional 1,401 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Adaptive Biotechnologies by 197.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,359 shares of the company's stock valued at $38,000 after purchasing an additional 1,565 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADPT. JPMorgan Chase & Co. cut their target price on Adaptive Biotechnologies from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research report on Friday, July 17th. Morgan Stanley lifted their price target on shares of Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. BTIG Research lifted their price target on shares of Adaptive Biotechnologies from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Piper Sandler upped their price target on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Adaptive Biotechnologies has a consensus rating of "Moderate Buy" and an average price target of $24.42.

Insiders Place Their Bets

In related news, insider Sharon Benzeno sold 154,768 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $21.14, for a total transaction of $3,271,795.52. Following the sale, the insider owned 221,278 shares in the company, valued at $4,677,816.92. This represents a 41.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Harlan S. Robins sold 492,400 shares of the firm's stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $21.89, for a total transaction of $10,778,636.00. Following the completion of the transaction, the insider directly owned 812,058 shares in the company, valued at $17,775,949.62. This represents a 37.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 2,011,584 shares of company stock worth $45,765,999. Corporate insiders own 5.70% of the company's stock.

Adaptive Biotechnologies Stock Performance

Shares of ADPT opened at $24.66 on Thursday. The business's fifty day moving average price is $23.32 and its 200 day moving average price is $17.85. Adaptive Biotechnologies Corporation has a 12-month low of $12.00 and a 12-month high of $26.87. The stock has a market capitalization of $3.94 billion, a PE ratio of -60.15 and a beta of 2.09. The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its earnings results 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). The business had revenue of $71.55 million for the quarter, compared to the consensus estimate of $65.44 million. Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The firm's revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.17) EPS. Equities research analysts forecast that Adaptive Biotechnologies Corporation will post -0.4 EPS for the current year.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies is a clinical-stage biotechnology company that focuses on harnessing the adaptive immune system to transform the diagnosis and treatment of disease. Through proprietary immune receptor sequencing and analysis, the company decodes the genetic information of T-cell and B-cell receptors to identify signatures of immune response. Its core technology platform provides insights into immune-driven conditions, enabling more precise monitoring and targeted therapeutic development.

The company's flagship product, immunoSEQ, offers high-throughput immune repertoire profiling for researchers and pharmaceutical partners.

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