Adaptive Biotechnologies (NASDAQ:ADPT) Price Target Cut to $5.00

Adaptive Biotechnologies (NASDAQ:ADPT - Free Report) had its price objective decreased by BTIG Research from $6.00 to $5.00 in a report issued on Thursday, Benzinga reports. BTIG Research currently has a buy rating on the stock.

ADPT has been the subject of a number of other reports. JPMorgan Chase & Co. reduced their target price on shares of Adaptive Biotechnologies from $11.00 to $8.00 and set an overweight rating for the company in a research note on Thursday, February 15th. The Goldman Sachs Group reduced their target price on shares of Adaptive Biotechnologies from $11.00 to $5.00 and set a neutral rating for the company in a research note on Friday, February 16th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $6.80.

Adaptive Biotechnologies Stock Performance

Shares of ADPT stock traded up $0.05 during trading on Thursday, hitting $2.73. 1,218,287 shares of the company were exchanged, compared to its average volume of 1,488,662. The firm has a market capitalization of $396.10 million, a price-to-earnings ratio of -1.75 and a beta of 1.25. The business's 50-day simple moving average is $3.60 and its 200 day simple moving average is $4.27. Adaptive Biotechnologies has a twelve month low of $2.61 and a twelve month high of $9.08.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 14th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.02. The business had revenue of $45.78 million during the quarter, compared to analysts' expectations of $50.15 million. Adaptive Biotechnologies had a negative net margin of 132.29% and a negative return on equity of 53.65%. On average, equities analysts forecast that Adaptive Biotechnologies will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Stacy L. Taylor sold 13,381 shares of the business's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $3.43, for a total transaction of $45,896.83. Following the transaction, the senior vice president now owns 166,287 shares of the company's stock, valued at $570,364.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 13,381 shares of the business's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $3.43, for a total value of $45,896.83. Following the sale, the senior vice president now owns 166,287 shares of the company's stock, valued at approximately $570,364.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Julie Rubinstein sold 39,070 shares of the business's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $3.47, for a total transaction of $135,572.90. Following the completion of the sale, the president now directly owns 472,754 shares in the company, valued at approximately $1,640,456.38. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 124,307 shares of company stock valued at $428,090. 5.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors and hedge funds have recently bought and sold shares of ADPT. Rubric Capital Management LP bought a new stake in shares of Adaptive Biotechnologies in the 4th quarter worth about $14,027,000. ARK Investment Management LLC grew its holdings in shares of Adaptive Biotechnologies by 11.3% in the 4th quarter. ARK Investment Management LLC now owns 12,806,513 shares of the company's stock worth $62,752,000 after purchasing an additional 1,297,205 shares during the last quarter. Bellevue Group AG grew its holdings in shares of Adaptive Biotechnologies by 59.8% in the 1st quarter. Bellevue Group AG now owns 3,145,293 shares of the company's stock worth $43,657,000 after purchasing an additional 1,176,862 shares during the last quarter. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Adaptive Biotechnologies in the 1st quarter worth about $10,327,000. Finally, BlackRock Inc. grew its holdings in shares of Adaptive Biotechnologies by 12.2% in the 3rd quarter. BlackRock Inc. now owns 10,119,409 shares of the company's stock worth $72,051,000 after purchasing an additional 1,098,301 shares during the last quarter. Institutional investors own 99.17% of the company's stock.

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.