Iron Triangle Partners LP Purchases New Position 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 acquired a new position in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,134,061 shares of the company's stock, valued at approximately $15,856,000. Adaptive Biotechnologies makes up 2.5% of Iron Triangle Partners LP's investment portfolio, making the stock its 22nd largest position. Iron Triangle Partners LP owned 1.40% of Adaptive Biotechnologies at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bridgefront Capital LLC purchased a new stake in shares of Adaptive Biotechnologies in the 4th quarter worth $80,000. Personal CFO Solutions LLC purchased a new stake in shares of Adaptive Biotechnologies in the 1st quarter worth $84,000. Blair William & Co. IL purchased a new stake in shares of Adaptive Biotechnologies in the 1st quarter worth $84,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Adaptive Biotechnologies in the 1st quarter worth $87,000. Finally, Candriam S.C.A. purchased a new stake in shares of Adaptive Biotechnologies in the 1st quarter worth $90,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. TD Cowen upped their price objective on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Piper Sandler increased 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. Morgan Stanley increased their price target on Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research note on Monday, May 5th. Craig Hallum began coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on Adaptive Biotechnologies from $10.00 to $14.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.38.

Adaptive Biotechnologies Stock Performance

Shares of ADPT traded down $0.13 during midday trading on Friday, hitting $13.18. 2,423,871 shares of the company traded hands, compared to its average volume of 2,268,630. The firm has a 50 day moving average of $11.68 and a 200-day moving average of $9.62. Adaptive Biotechnologies Corporation has a 52 week low of $3.98 and a 52 week high of $13.52. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -16.07 and a beta of 1.93.

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

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.