Adaptive Biotechnologies Corporation $ADPT Shares Purchased by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management LP increased its holdings in Adaptive Biotechnologies by 56.1%, owning approximately 376,736 shares valued at $2.8 million by the end of the first quarter.
• Multiple analysts have raised their price targets for Adaptive Biotechnologies, with JPMorgan Chase & Co. setting a new target of $14 and TD Cowen and Piper Sandler both raising theirs to $15.
• In its latest earnings report, Adaptive Biotechnologies reported revenues of $49.94 million, exceeding analyst expectations and reflecting a 36.3% year-over-year growth, despite a quarterly loss of ($0.17) EPS.

Cinctive Capital Management LP grew its stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 56.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 376,736 shares of the company's stock after acquiring an additional 135,420 shares during the quarter. Cinctive Capital Management LP owned about 0.25% of Adaptive Biotechnologies worth $2,799,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. GAMMA Investing LLC increased its stake in Adaptive Biotechnologies by 36.5% in the first quarter. GAMMA Investing LLC now owns 13,393 shares of the company's stock valued at $100,000 after purchasing an additional 3,583 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Adaptive Biotechnologies in the first quarter valued at $87,000. Janus Henderson Group PLC acquired a new position in Adaptive Biotechnologies in the fourth quarter valued at $281,000. Exchange Traded Concepts LLC acquired a new position in Adaptive Biotechnologies in the first quarter valued at $634,000. Finally, Two Sigma Investments LP increased its stake in Adaptive Biotechnologies by 251.1% in the fourth quarter. Two Sigma Investments LP now owns 183,838 shares of the company's stock valued at $1,102,000 after purchasing an additional 131,478 shares during the last quarter. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Stock Performance

Shares of Adaptive Biotechnologies stock traded up $0.37 on Wednesday, reaching $12.98. 404,460 shares of the company were exchanged, compared to its average volume of 2,009,108. The company's 50-day moving average is $11.88 and its two-hundred day moving average is $9.83. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of -15.82 and a beta of 1.93. Adaptive Biotechnologies Corporation has a 1-year low of $3.98 and a 1-year high of $13.52.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.24) by $0.07. The business had revenue of $49.94 million for the quarter, compared to analysts' expectations of $49.40 million. Adaptive Biotechnologies had a negative return on equity of 60.93% and a negative net margin of 59.07%.The business's quarterly revenue was up 36.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.31) EPS. As a group, sell-side analysts forecast that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADPT. Piper Sandler upped their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. increased their price target on Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Craig Hallum initiated coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target for the company. Finally, TD Cowen increased their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Adaptive Biotechnologies has an average rating of "Moderate Buy" and a consensus price target of $12.38.

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.