Victory Capital Management Inc. Purchases 1,746,571 Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Victory Capital Management Inc. grew its stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 9,892.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,764,227 shares of the company's stock after buying an additional 1,746,571 shares during the period. Victory Capital Management Inc. owned 1.19% of Adaptive Biotechnologies worth $13,108,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Cibc World Markets Corp acquired a new stake in shares of Adaptive Biotechnologies in the 4th quarter worth $65,000. Bridgefront Capital LLC purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at about $80,000. Personal CFO Solutions LLC purchased a new position in shares of Adaptive Biotechnologies in the 1st quarter valued at about $84,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Adaptive Biotechnologies in the 1st quarter valued at about $87,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at about $93,000. Institutional investors and hedge funds own 99.17% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group increased 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 reissued an "overweight" rating and issued a $13.00 target price (up from $11.00) on shares of Adaptive Biotechnologies in a research report on Tuesday, May 6th. Craig Hallum began coverage on shares of Adaptive Biotechnologies in a research report on Wednesday, June 18th. They issued a "buy" rating and a $15.00 target price on the stock. Finally, Morgan Stanley raised their target price 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. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $10.57.

Insider Transactions at Adaptive Biotechnologies

In other news, insider Harlan S. Robins sold 68,412 shares of the firm's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $7.35, for a total value of $502,828.20. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 6.40% of the stock is owned by insiders.

Adaptive Biotechnologies Stock Performance

NASDAQ ADPT traded up $0.09 on Friday, reaching $10.75. The company's stock had a trading volume of 1,389,570 shares, compared to its average volume of 2,083,448. Adaptive Biotechnologies Corporation has a twelve month low of $3.85 and a twelve month high of $12.43. The stock has a market cap of $1.63 billion, a PE ratio of -11.20 and a beta of 1.83. The firm's 50 day moving average is $10.54 and its two-hundred day moving average is $8.81.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.20) EPS 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 firm had revenue of $52.44 million for the quarter, compared to the consensus estimate of $42.13 million. During the same period in the previous year, the firm posted ($0.33) earnings per share. The firm's revenue was up 25.2% on a year-over-year basis. Equities research analysts anticipate that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current fiscal year.

Adaptive Biotechnologies 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.