Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up Following Strong Earnings

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $3.11, but opened at $3.36. Adaptive Biotechnologies shares last traded at $3.51, with a volume of 865,157 shares.

The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.02. Adaptive Biotechnologies had a negative return on equity of 53.65% and a negative net margin of 132.29%. The company had revenue of $41.87 million during the quarter, compared to analysts' expectations of $38.78 million. During the same period in the prior year, the business earned ($0.40) earnings per share. Adaptive Biotechnologies's revenue for the quarter was up 11.2% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADPT. JPMorgan Chase & Co. reduced their price objective on Adaptive Biotechnologies from $11.00 to $8.00 and set an "overweight" rating for the company in a research report on Thursday, February 15th. The Goldman Sachs Group reduced their target price on Adaptive Biotechnologies from $11.00 to $5.00 and set a "neutral" rating for the company in a research report on Friday, February 16th. Finally, BTIG Research reduced their target price on Adaptive Biotechnologies from $6.00 to $5.00 and set a "buy" rating for the company in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $6.80.

Insider Buying and Selling

In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 13,381 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total transaction of $45,896.83. Following the completion of the transaction, the senior vice president now directly owns 166,287 shares in the company, valued at $570,364.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 13,381 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total transaction of $45,896.83. Following the completion of the transaction, the senior vice president now directly owns 166,287 shares in the company, valued at $570,364.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kyle Piskel sold 7,727 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total value of $26,503.61. Following the transaction, the insider now owns 123,318 shares of the company's stock, valued at $422,980.74. The disclosure for this sale can be found here. Insiders sold a total of 124,307 shares of company stock valued at $428,090 over the last ninety days. 5.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Manchester Capital Management LLC acquired a new stake in shares of Adaptive Biotechnologies in the first quarter valued at $32,000. First Trust Direct Indexing L.P. acquired a new stake in shares of Adaptive Biotechnologies in the first quarter valued at $47,000. Personal CFO Solutions LLC acquired a new stake in shares of Adaptive Biotechnologies in the fourth quarter valued at $55,000. AXQ Capital LP acquired a new stake in shares of Adaptive Biotechnologies in the third quarter valued at $58,000. Finally, Mesirow Financial Investment Management Inc. acquired a new stake in shares of Adaptive Biotechnologies in the first quarter valued at $60,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Price Performance

The company has a market capitalization of $468.64 million, a price-to-earnings ratio of -2.04 and a beta of 1.27. The stock has a 50 day moving average price of $3.06 and a two-hundred day moving average price of $3.90.

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.