Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its stake in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 98.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 285,135 shares of the company's stock after purchasing an additional 141,691 shares during the period. Principal Financial Group Inc. owned about 0.19% of Adaptive Biotechnologies worth $2,119,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of ADPT. Cibc World Markets Corp purchased a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at approximately $65,000. Bridgefront Capital LLC purchased a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at approximately $80,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Adaptive Biotechnologies in the 1st quarter valued at approximately $87,000. Amundi increased its position in shares of Adaptive Biotechnologies by 41.2% in the 4th quarter. Amundi now owns 15,532 shares of the company's stock valued at $93,000 after purchasing an additional 4,531 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at approximately $93,000. Hedge funds and other institutional investors own 99.17% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADPT. Craig Hallum assumed coverage on shares of Adaptive Biotechnologies in a report on Wednesday, June 18th. They set a "buy" rating and a $15.00 price objective on the stock. Morgan Stanley upped their price target on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a research report on Monday, May 5th. 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 research report on Tuesday, May 6th. Finally, The Goldman Sachs Group increased their price objective on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $10.57.

Adaptive Biotechnologies Stock Up 2.1%

Shares of NASDAQ:ADPT traded up $0.22 during midday trading on Tuesday, hitting $10.53. 1,842,963 shares of the stock traded hands, compared to its average volume of 1,647,667. The stock has a market capitalization of $1.60 billion, a PE ratio of -10.97 and a beta of 1.83. The business's 50 day moving average is $10.41 and its two-hundred day moving average is $8.71. Adaptive Biotechnologies Corporation has a one year low of $3.85 and a one year high of $12.43.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $42.13 million. During the same quarter in the prior year, the firm earned ($0.33) earnings per share. The firm's revenue for the quarter was up 25.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.

Insider Activity at Adaptive Biotechnologies

In other news, insider Harlan S. Robins sold 68,412 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $7.35, for a total value of $502,828.20. Following the completion of the sale, the insider owned 1,279,524 shares in the company, valued at approximately $9,404,501.40. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.40% of the stock is owned by insiders.

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.