JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Adaptive Biotechnologies (NASDAQ:ADPT) Stock

Key Points

• JPMorgan Chase & Co. has raised its price target for Adaptive Biotechnologies (NASDAQ:ADPT) from $14.00 to $17.00, indicating a potential upside of 12.06% from its current price.
• The stock has received mixed ratings, with eight analysts giving it a "Buy," while Weiss Ratings maintains a "sell" rating, reflecting varying confidence in the company's performance.
• Adaptive Biotechnologies recently reported earnings of ($0.17) per share, surpassing analyst expectations and marking a 36.3% increase in revenue compared to the same quarter last year.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) had its price target upped by stock analysts at JPMorgan Chase & Co. from $14.00 to $17.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 12.06% from the company's current price.

A number of other research firms have also recently issued reports on ADPT. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research note on Wednesday, October 8th. Craig Hallum initiated 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 for the company. Piper Sandler lifted their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Guggenheim started coverage on Adaptive Biotechnologies in a report on Tuesday, September 30th. They issued a "buy" rating and a $20.00 price objective for the company. Finally, TD Cowen lifted their target price on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $13.56.

Adaptive Biotechnologies Stock Performance

NASDAQ:ADPT opened at $15.17 on Monday. Adaptive Biotechnologies has a one year low of $4.27 and a one year high of $15.83. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -18.50 and a beta of 2.06. The stock has a 50-day simple moving average of $13.16 and a 200 day simple moving average of $10.80.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.07. Adaptive Biotechnologies had a negative net margin of 59.07% and a negative return on equity of 60.93%. The firm had revenue of $49.94 million during the quarter, compared to analyst estimates of $49.40 million. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. The firm's revenue for the quarter was up 36.3% compared to the same quarter last year. On average, equities research analysts forecast that Adaptive Biotechnologies will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADPT. Vanguard Group Inc. boosted its position in Adaptive Biotechnologies by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company's stock worth $82,796,000 after acquiring an additional 428,540 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Adaptive Biotechnologies by 801.6% during the 1st 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 during the last quarter. Braidwell LP acquired a new position in Adaptive Biotechnologies in the first quarter worth approximately $35,692,000. Geode Capital Management LLC raised its position in Adaptive Biotechnologies by 15.6% during the second quarter. Geode Capital Management LLC now owns 3,215,171 shares of the company's stock valued at $37,461,000 after acquiring an additional 434,347 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its stake in Adaptive Biotechnologies by 154.4% in the first quarter. Driehaus Capital Management LLC now owns 2,152,335 shares of the company's stock valued at $15,992,000 after acquiring an additional 1,306,164 shares during the last quarter. 99.17% of the stock is owned by institutional investors and hedge funds.

About Adaptive Biotechnologies

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.

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