Tidal Investments LLC Takes $855,000 Position in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Tidal Investments initiated an approximately $855,000 position in Adaptive Biotechnologies during the second quarter, while institutional investors collectively own 99.17% of the company.
• Adaptive reported quarterly revenue of $71.55 million, up 21.5% year over year and above estimates, but its $0.25-per-share loss exceeded the expected $0.13 loss.
• Analysts maintain a “Moderate Buy” consensus, although recent insider selling totaled about $47.1 million over 90 days; ADPT shares were trading near their 12-month high at $28.61.

Tidal Investments LLC purchased a new stake in shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 39,881 shares of the company's stock, valued at approximately $855,000.

A number of other hedge funds have also bought and sold shares of ADPT. BlackRock Inc. bought a new position in Adaptive Biotechnologies in the 2nd quarter valued at $324,735,000. Wellington Management Group LLP raised its stake in shares of Adaptive Biotechnologies by 53.2% during the 2nd quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company's stock worth $126,799,000 after purchasing an additional 2,053,944 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter worth about $65,942,000. Bank of America Corp DE purchased a new position in shares of Adaptive Biotechnologies in the 2nd quarter worth about $37,109,000. Finally, Principal Financial Group Inc. grew its position in Adaptive Biotechnologies by 9.8% during the first quarter. Principal Financial Group Inc. now owns 1,704,887 shares of the company's stock valued at $23,664,000 after buying an additional 152,378 shares during the period. 99.17% of the stock is currently owned by institutional investors.

Adaptive Biotechnologies Stock Performance

Shares of Adaptive Biotechnologies stock opened at $28.61 on Monday. The company's 50-day moving average price is $24.36 and its 200-day moving average price is $18.66. The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. Adaptive Biotechnologies Corporation has a 12-month low of $12.00 and a 12-month high of $28.72. The company has a market cap of $4.57 billion, a price-to-earnings ratio of -69.78 and a beta of 2.09.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.12). The firm had revenue of $71.55 million during the quarter, compared to the consensus estimate of $65.44 million. Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%.The company's revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.17) EPS. On average, equities analysts expect that Adaptive Biotechnologies Corporation will post -0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADPT has been the subject of a number of research analyst reports. TD Cowen raised their price objective on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Guggenheim increased their target price on shares of Adaptive Biotechnologies from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research note on Friday, July 17th. Morgan Stanley lifted their price target on shares of Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Finally, BTIG Research lifted their price target on shares of Adaptive Biotechnologies from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Adaptive Biotechnologies has an average rating of "Moderate Buy" and an average target price of $24.42.

Insider Activity

In related news, CEO Chad Robins sold 278,676 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $24.48, for a total transaction of $6,821,988.48. Following the completion of the sale, the chief executive officer directly owned 2,180,518 shares in the company, valued at $53,379,080.64. This represents a 11.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Susan Bobulsky sold 1,195 shares of the company's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $27.00, for a total transaction of $32,265.00. Following the sale, the insider owned 395,794 shares of the company's stock, valued at $10,686,438. This represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 2,017,025 shares of company stock valued at $47,093,615. 5.70% of the stock is owned by insiders.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corp. NASDAQ: ADPT is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.

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