Sumitomo Mitsui Trust Group Inc. Has $45.22 Million Holdings in Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Sumitomo Mitsui Trust Group Inc. decreased its stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 10.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,085,690 shares of the company's stock after selling 747,447 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 4.10% of Adaptive Biotechnologies worth $45,217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADPT. Exchange Traded Concepts LLC bought a new position in shares of Adaptive Biotechnologies during the 1st quarter valued at $634,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Adaptive Biotechnologies during the 1st quarter valued at $87,000. GAMMA Investing LLC raised 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 in the last quarter. Alpha Wealth Funds LLC bought a new position in shares of Adaptive Biotechnologies during the 1st quarter valued at $297,000. Finally, Rhumbline Advisers raised its holdings in shares of Adaptive Biotechnologies by 4.0% during the 1st quarter. Rhumbline Advisers now owns 188,524 shares of the company's stock valued at $1,401,000 after purchasing an additional 7,322 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Up 4.3%

NASDAQ ADPT traded up $0.50 during midday trading on Friday, hitting $11.98. The company had a trading volume of 1,018,695 shares, compared to its average volume of 1,628,475. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of -12.48 and a beta of 1.83. The firm has a fifty day simple moving average of $9.84 and a two-hundred day simple moving average of $8.32. Adaptive Biotechnologies Corporation has a fifty-two week low of $3.47 and a fifty-two week high of $12.43.

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

Insider Buying and Selling at Adaptive Biotechnologies

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ADPT shares. Craig Hallum started 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 raised 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. Piper Sandler reiterated an "overweight" rating and issued a $13.00 target price (up from $11.00) on shares of Adaptive Biotechnologies in a research note on Tuesday, May 6th. Finally, Morgan Stanley raised their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Adaptive Biotechnologies has a consensus rating of "Moderate Buy" and a consensus target price 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.