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

Jennison Associates LLC cut its position in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 46.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Adaptive Biotechnologies by 2.7% in the 4th quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company's stock valued at $486,000 after buying an additional 2,163 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Adaptive Biotechnologies by 4.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,916 shares of the company's stock valued at $395,000 after buying an additional 2,625 shares in the last quarter. D.A. Davidson & CO. raised its position in shares of Adaptive Biotechnologies by 3.8% in the 1st quarter. D.A. Davidson & CO. now owns 91,850 shares of the company's stock valued at $682,000 after buying an additional 3,400 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Adaptive Biotechnologies by 36.5% during the 1st 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. Finally, MetLife Investment Management LLC grew its holdings in shares of Adaptive Biotechnologies by 5.6% during the 4th quarter. MetLife Investment Management LLC now owns 68,976 shares of the company's stock valued at $414,000 after purchasing an additional 3,650 shares during the last quarter. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT traded up $0.09 during midday trading on Friday, reaching $10.75. The stock had a trading volume of 1,389,570 shares, compared to its average volume of 2,083,448. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -11.20 and a beta of 1.83. Adaptive Biotechnologies Corporation has a twelve month low of $3.85 and a twelve month high of $12.43. The company's 50 day moving average price is $10.54 and its 200 day moving average price is $8.79.

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

Insider Activity

In related 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADPT shares. 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. The Goldman Sachs Group boosted their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Craig Hallum began coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They set a "buy" rating and a $15.00 target price on the stock. Finally, Piper Sandler reissued an "overweight" rating and set a $13.00 target price (up from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.57.

About Adaptive Biotechnologies

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.