Voya Investment Management LLC Decreases Stake in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Voya Investment Management has reduced its stake in Adaptive Biotechnologies by 17.4%, now holding approximately $14.90 million worth of shares.
• Analysts have upgraded their price targets for Adaptive Biotechnologies, with many setting targets around $15.00 and maintaining a consensus rating of "Moderate Buy."
• In its recent quarterly earnings, Adaptive Biotechnologies reported $49.94 million in revenue, surpassing estimates and showing a 36.3% year-over-year increase.

Voya Investment Management LLC cut its holdings in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) by 17.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,005,940 shares of the company's stock after selling 422,770 shares during the period. Voya Investment Management LLC owned about 1.32% of Adaptive Biotechnologies worth $14,904,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ADPT. Ameriprise Financial Inc. grew its stake in shares of Adaptive Biotechnologies by 801.6% in the first quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock valued at $49,355,000 after buying an additional 5,905,756 shares in the last quarter. Braidwell LP acquired a new position in Adaptive Biotechnologies in the first quarter valued at about $35,692,000. Iron Triangle Partners LP acquired a new position in Adaptive Biotechnologies in the first quarter valued at about $15,856,000. Soleus Capital Management L.P. raised its stake in Adaptive Biotechnologies by 168.1% during the fourth quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock worth $17,884,000 after acquiring an additional 1,870,393 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Adaptive Biotechnologies by 9,892.2% during the first quarter. Victory Capital Management Inc. now owns 1,764,227 shares of the company's stock worth $13,108,000 after acquiring an additional 1,746,571 shares in the last quarter. 99.17% of the stock is owned by institutional investors.

Adaptive Biotechnologies Price Performance

Adaptive Biotechnologies stock traded down $0.41 during trading hours on Friday, reaching $13.36. The company had a trading volume of 2,627,991 shares, compared to its average volume of 1,678,314. The company has a 50-day moving average price of $12.08 and a 200 day moving average price of $10.08. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -16.29 and a beta of 1.93. Adaptive Biotechnologies Corporation has a 12-month low of $3.98 and a 12-month high of $13.90.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.17) EPS for the quarter, beating analysts' consensus estimates 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%.The firm's revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.31) earnings per share. As a group, research analysts expect that Adaptive Biotechnologies Corporation will post -0.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. TD Cowen boosted their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. upped their target price on Adaptive Biotechnologies from $10.00 to $14.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Piper Sandler increased their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Finally, Craig Hallum initiated coverage on Adaptive Biotechnologies in a report on Wednesday, June 18th. They set a "buy" rating and a $15.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price 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.