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

Principal Financial Group Inc. increased its holdings in 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 firm owned 285,135 shares of the company's stock after acquiring an additional 141,691 shares during the quarter. 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 also recently added to or reduced their stakes in the business. Cibc World Markets Corp purchased a new position in Adaptive Biotechnologies during the fourth quarter valued at $65,000. Bridgefront Capital LLC bought a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at $80,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Adaptive Biotechnologies during the first quarter valued at $87,000. Proficio Capital Partners LLC bought a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at $93,000. Finally, Amundi increased its holdings in shares of Adaptive Biotechnologies by 41.2% during the fourth quarter. Amundi now owns 15,532 shares of the company's stock valued at $93,000 after acquiring an additional 4,531 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Morgan Stanley raised their price objective on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Craig Hallum began coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target on the stock. The Goldman Sachs Group upped their price objective on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $13.00 price objective (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 given a buy rating to the company's stock. According to data from MarketBeat.com, Adaptive Biotechnologies has an average rating of "Moderate Buy" and an average target price of $10.57.

Adaptive Biotechnologies Trading Down 1.0%

ADPT traded down $0.11 during trading on Friday, hitting $10.39. The company's stock had a trading volume of 1,439,990 shares, compared to its average volume of 1,645,387. Adaptive Biotechnologies Corporation has a twelve month low of $3.85 and a twelve month high of $12.43. The business's fifty day simple moving average is $10.40 and its 200 day simple moving average is $8.67. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -10.82 and a beta of 1.83.

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

Insider Buying and Selling

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

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.