Westfield Capital Management Co. LP Buys New Shares in Adaptive Biotechnologies Corporation $ADPT

Key Points

• Westfield Capital Management disclosed a new fourth-quarter stake in Adaptive Biotechnologies, buying 4.06 million shares worth about $65.9 million and owning roughly 2.66% of the company.
• Several other institutional investors also increased their positions, while institutional ownership remains extremely high at 99.17%.
• Adaptive Biotechnologies reported a smaller-than-expected quarterly loss and 35.1% year-over-year revenue growth, and analysts currently rate the stock a Moderate Buy with an average target price of $19.57.

Westfield Capital Management Co. LP bought a new stake in Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,060,481 shares of the company's stock, valued at approximately $65,942,000. Westfield Capital Management Co. LP owned approximately 2.66% of Adaptive Biotechnologies at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ameriprise Financial Inc. boosted its holdings in shares of Adaptive Biotechnologies by 84.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,971,706 shares of the company's stock worth $89,337,000 after buying an additional 2,731,648 shares during the period. Geode Capital Management LLC raised its stake in Adaptive Biotechnologies by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 3,511,855 shares of the company's stock worth $57,041,000 after purchasing an additional 110,825 shares in the last quarter. Aristotle Atlantic Partners LLC raised its stake in Adaptive Biotechnologies by 8.6% in the 3rd quarter. Aristotle Atlantic Partners LLC now owns 3,126,719 shares of the company's stock worth $46,776,000 after purchasing an additional 247,402 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Adaptive Biotechnologies by 54.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,902,269 shares of the company's stock worth $47,133,000 after purchasing an additional 1,022,417 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of Adaptive Biotechnologies by 103.9% in the 4th quarter. Jennison Associates LLC now owns 2,674,668 shares of the company's stock valued at $43,437,000 after buying an additional 1,363,181 shares in the last quarter. Institutional investors own 99.17% of the company's stock.

Insider Activity at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, COO Julie Rubinstein sold 141,583 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $13.29, for a total transaction of $1,881,638.07. Following the completion of the transaction, the chief operating officer owned 516,610 shares in the company, valued at $6,865,746.90. This trade represents a 21.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sharon Benzeno sold 63,103 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $13.17, for a total transaction of $831,066.51. Following the completion of the sale, the insider directly owned 272,751 shares in the company, valued at approximately $3,592,130.67. This trade represents a 18.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,771,096 shares of company stock valued at $23,926,217 in the last 90 days. 5.70% of the stock is currently owned by company insiders.

Adaptive Biotechnologies Price Performance

Shares of NASDAQ ADPT opened at $16.90 on Friday. The stock has a market capitalization of $2.70 billion, a P/E ratio of -51.21 and a beta of 2.15. The company has a 50-day moving average price of $14.17 and a 200-day moving average price of $15.61. Adaptive Biotechnologies Corporation has a 1 year low of $9.90 and a 1 year high of $20.76.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.03. The company had revenue of $70.87 million during the quarter, compared to the consensus estimate of $61.03 million. Adaptive Biotechnologies had a negative net margin of 16.82% and a negative return on equity of 40.06%. The firm's revenue for the quarter was up 35.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.20) earnings per share. As a group, equities research analysts anticipate that Adaptive Biotechnologies Corporation will post -0.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADPT has been the topic of a number of research reports. BTIG Research reissued a "buy" rating and set a $22.00 target price on shares of Adaptive Biotechnologies in a report on Wednesday, May 6th. TD Cowen upped their price objective on shares of Adaptive Biotechnologies from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Piper Sandler set a $21.00 target price on shares of Adaptive Biotechnologies in a research report on Friday, February 6th. JPMorgan Chase & Co. dropped their target price on shares of Adaptive Biotechnologies from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research note on Monday, April 20th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $19.57.

About Adaptive Biotechnologies

Adaptive Biotechnologies is a clinical-stage biotechnology company that focuses on harnessing the adaptive immune system to transform the diagnosis and treatment of disease. Through proprietary immune receptor sequencing and analysis, the company decodes the genetic information of T-cell and B-cell receptors to identify signatures of immune response. Its core technology platform provides insights into immune-driven conditions, enabling more precise monitoring and targeted therapeutic development.

The company's flagship product, immunoSEQ, offers high-throughput immune repertoire profiling for researchers and pharmaceutical partners.

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