Vanguard Group Inc. Raises Position in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Vanguard Group Inc. increased its stake in Adaptive Biotechnologies by 4.0%, owning approximately 7.34% of the company, worth around $82.8 million after acquiring an additional 428,540 shares.
• A range of other hedge funds also expanded their positions significantly, with Voya Investment Management increasing by an astonishing 6,121.7% during the fourth quarter.
• Analysts have given Adaptive Biotechnologies a consensus rating of "Moderate Buy" with an average price target of $12.38, with seven analysts rating it a Buy and one a Hold.

Vanguard Group Inc. grew its stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 4.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,143,428 shares of the company's stock after purchasing an additional 428,540 shares during the period. Vanguard Group Inc. owned approximately 7.34% of Adaptive Biotechnologies worth $82,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in ADPT. Renaissance Technologies LLC grew its position in Adaptive Biotechnologies by 35.6% in the fourth quarter. Renaissance Technologies LLC now owns 229,785 shares of the company's stock worth $1,378,000 after acquiring an additional 60,385 shares during the period. GAMMA Investing LLC grew its position in Adaptive Biotechnologies by 36.5% in the first quarter. GAMMA Investing LLC now owns 13,393 shares of the company's stock worth $100,000 after acquiring an additional 3,583 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in Adaptive Biotechnologies in the first quarter worth approximately $87,000. Janus Henderson Group PLC acquired a new position in Adaptive Biotechnologies during the fourth quarter worth $281,000. Finally, Exchange Traded Concepts LLC acquired a new position in Adaptive Biotechnologies during the first quarter worth $634,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Price Performance

NASDAQ:ADPT traded up $0.40 during trading hours on Thursday, reaching $13.37. 1,016,507 shares of the company traded hands, compared to its average volume of 2,019,970. The firm's 50-day moving average is $11.57 and its 200-day moving average is $9.52. The stock has a market cap of $2.04 billion, a P/E ratio of -16.30 and a beta of 1.92. Adaptive Biotechnologies Corporation has a 1-year low of $3.98 and a 1-year high of $13.52.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.07. The company had revenue of $49.94 million during the quarter, compared to the consensus estimate of $49.40 million. Adaptive Biotechnologies had a negative return on equity of 60.93% and a negative net margin of 59.07%.Adaptive Biotechnologies's revenue was up 36.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.31) earnings per share. As a group, research analysts predict that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ADPT shares. The Goldman Sachs Group upped their price target on Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. JPMorgan Chase & Co. increased their price objective on Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Piper Sandler increased their price objective on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Craig Hallum began coverage on Adaptive Biotechnologies in a research note on Wednesday, June 18th. They issued a "buy" rating and a $15.00 price target on the stock. Finally, TD Cowen raised their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Adaptive Biotechnologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.38.

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.