Morgan Stanley Cuts Adaptive Biotechnologies (NASDAQ:ADPT) Price Target to $18.00

Key Points

• Morgan Stanley lowered its price target on Adaptive Biotechnologies from $21 to $18 while keeping an equal weight rating. The new target still implies about 35% upside from the current share price.
• Adaptive Biotechnologies reported better-than-expected quarterly results, with EPS of -$0.13 versus estimates of -$0.16 and revenue of $70.87 million versus expectations of $61.03 million. Revenue also rose 35.1% year over year.
• The stock fell 1.8% to $13.29 on the day of the report, and sentiment from analysts remains mixed but leaning positive, with a consensus rating of Moderate Buy and average target price of $19.57.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) had its target price lowered by stock analysts at Morgan Stanley from $21.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective would suggest a potential upside of 35.40% from the company's current price.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut Adaptive Biotechnologies from a "buy" rating to a "hold" rating in a research note on Saturday, March 7th. JPMorgan Chase & Co. decreased their price target on Adaptive Biotechnologies from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 6th. BTIG Research reaffirmed a "buy" rating and issued a $22.00 price target on shares of Adaptive Biotechnologies in a research note on Wednesday, May 6th. Guggenheim reaffirmed a "buy" rating and issued a $21.00 price target on shares of Adaptive Biotechnologies in a research note on Wednesday, May 6th. Finally, TD Cowen lifted their price target on Adaptive Biotechnologies from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Adaptive Biotechnologies currently has an average rating of "Moderate Buy" and a consensus target price of $19.57.

Adaptive Biotechnologies Stock Down 1.8%

Shares of NASDAQ ADPT traded down $0.25 during trading hours on Tuesday, reaching $13.29. 378,557 shares of the stock traded hands, compared to its average volume of 1,951,774. The company's 50-day simple moving average is $14.17 and its two-hundred day simple moving average is $15.84. The company has a market capitalization of $2.13 billion, a P/E ratio of -40.30 and a beta of 2.16. Adaptive Biotechnologies has a 52-week low of $8.50 and a 52-week high of $20.76.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The business had revenue of $70.87 million for the quarter, compared to analysts' expectations of $61.03 million. Adaptive Biotechnologies had a negative return on equity of 40.06% and a negative net margin of 16.82%.The business's quarterly revenue was up 35.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.20) EPS. As a group, sell-side analysts forecast that Adaptive Biotechnologies will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Julie Rubinstein sold 19,037 shares of Adaptive Biotechnologies stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $14.23, for a total value of $270,896.51. Following the sale, the chief operating officer directly owned 377,802 shares in the company, valued at approximately $5,376,122.46. This trade represents a 4.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Chad M. Robins sold 37,263 shares of Adaptive Biotechnologies stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $15.19, for a total value of $566,024.97. Following the completion of the sale, the chief executive officer owned 2,180,518 shares in the company, valued at approximately $33,122,068.42. This represents a 1.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 2,417,168 shares of company stock worth $34,153,000. Corporate insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several hedge funds have recently made changes to their positions in ADPT. Caitong International Asset Management Co. Ltd bought a new stake in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its position in shares of Adaptive Biotechnologies by 197.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,359 shares of the company's stock valued at $38,000 after purchasing an additional 1,565 shares in the last quarter. KBC Group NV bought a new stake in shares of Adaptive Biotechnologies during the first quarter valued at approximately $45,000. Assetmark Inc. boosted its position in shares of Adaptive Biotechnologies by 867.9% during the fourth quarter. Assetmark Inc. now owns 3,020 shares of the company's stock valued at $49,000 after purchasing an additional 2,708 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. bought a new stake in shares of Adaptive Biotechnologies during the fourth quarter valued at approximately $51,000. 99.17% of the stock is currently owned by institutional investors.

Adaptive Biotechnologies Company Profile

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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