Jennison Associates LLC Sells 82,489 Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Jennison Associates LLC decreased its holdings in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 46.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 95,369 shares of the company's stock after selling 82,489 shares during the quarter. Jennison Associates LLC owned 0.06% of Adaptive Biotechnologies worth $709,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Renaissance Technologies LLC boosted its holdings in shares of Adaptive Biotechnologies by 35.6% in the fourth quarter. Renaissance Technologies LLC now owns 229,785 shares of the company's stock worth $1,378,000 after buying an additional 60,385 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Adaptive Biotechnologies by 36.5% in the first quarter. GAMMA Investing LLC now owns 13,393 shares of the company's stock worth $100,000 after buying an additional 3,583 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Adaptive Biotechnologies in the first quarter worth approximately $87,000. Janus Henderson Group PLC purchased a new position in shares of Adaptive Biotechnologies in the fourth quarter worth approximately $281,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Adaptive Biotechnologies in the first quarter worth approximately $634,000. Hedge funds and other institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Trading Down 2.0%

ADPT traded down $0.22 during trading on Thursday, hitting $10.65. 704,248 shares of the company traded hands, compared to its average volume of 2,015,599. The company has a market cap of $1.62 billion, a PE ratio of -11.14 and a beta of 1.83. The stock's 50-day simple moving average is $10.47 and its two-hundred day simple moving average is $8.74. Adaptive Biotechnologies Corporation has a 1 year low of $3.85 and a 1 year high of $12.43.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.08. Adaptive Biotechnologies had a negative net margin of 74.84% and a negative return on equity of 62.79%. The company had revenue of $52.44 million for the quarter, compared to analysts' expectations of $42.13 million. During the same quarter in the previous year, the business posted ($0.33) earnings per share. Adaptive Biotechnologies's quarterly revenue was up 25.2% on a year-over-year basis. Equities analysts expect that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 68,412 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $7.35, for a total transaction of $502,828.20. Following the transaction, the insider owned 1,279,524 shares in the company, valued at $9,404,501.40. The trade was a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Piper Sandler reissued an "overweight" rating and issued a $13.00 price objective (up previously from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Craig Hallum initiated coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They set a "buy" rating and a $15.00 price target on the stock. The Goldman Sachs Group lifted their price target on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Morgan Stanley lifted their price target on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $10.57.

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.