Iron Triangle Partners LP Invests $15.86 Million in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Iron Triangle Partners LP has acquired a new stake in Adaptive Biotechnologies valued at approximately $15.86 million, representing about 2.5% of its portfolio.
• Adaptive Biotechnologies reported a 36.3% year-over-year increase in revenue for the recent quarter, with earnings per share slightly surpassing analysts' expectations.
• Multiple analysts have increased their price targets for Adaptive Biotechnologies, with Goldman Sachs raising it to $10.00 and JPMorgan Chase to $14.00, indicating strong growth potential.

Iron Triangle Partners LP purchased a new position in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,134,061 shares of the company's stock, valued at approximately $15,856,000. Adaptive Biotechnologies comprises about 2.5% of Iron Triangle Partners LP's portfolio, making the stock its 22nd largest position. Iron Triangle Partners LP owned approximately 1.40% of Adaptive Biotechnologies at the end of the most recent quarter.

A number of other large investors have also modified their holdings of ADPT. Vanguard Group Inc. lifted its holdings in shares of Adaptive Biotechnologies by 4.0% during the first quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company's stock worth $82,796,000 after purchasing an additional 428,540 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Adaptive Biotechnologies by 801.6% during the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock worth $49,355,000 after purchasing an additional 5,905,756 shares during the period. Soleus Capital Management L.P. lifted its holdings in shares of 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% during the first quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company's stock worth $13,108,000 after purchasing an additional 1,746,571 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Adaptive Biotechnologies by 12.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,604,876 shares of the company's stock worth $9,622,000 after purchasing an additional 183,881 shares during the period. Hedge funds and other institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Price Performance

NASDAQ:ADPT traded up $0.11 during trading hours on Wednesday, reaching $12.95. The company had a trading volume of 626,625 shares, compared to its average volume of 2,014,707. Adaptive Biotechnologies Corporation has a 1-year low of $3.98 and a 1-year high of $13.52. The firm has a market cap of $1.97 billion, a PE ratio of -15.80 and a beta of 1.93. The business's 50 day moving average price is $11.78 and its 200-day moving average price is $9.68.

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 (EPS) for the quarter, beating analysts' consensus estimates of ($0.24) by $0.07. Adaptive Biotechnologies had a negative return on equity of 60.93% and a negative net margin of 59.07%.The company had revenue of $49.94 million during the quarter, compared to the consensus estimate of $49.40 million. During the same period in the previous year, the company posted ($0.31) earnings per share. Adaptive Biotechnologies's revenue for the quarter was up 36.3% on a year-over-year basis. On average, analysts expect that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on ADPT. Craig Hallum began coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They set a "buy" rating and a $15.00 target price for the company. TD Cowen lifted their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Piper Sandler lifted their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. lifted their target price on Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Adaptive Biotechnologies presently has an average rating of "Moderate Buy" and a consensus price target of $12.38.

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.