Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High - Still a Buy?

Key Points

• Adaptive Biotechnologies reached a new 52-week high, trading around $30.35 and giving the company a market capitalization of approximately $4.66 billion.
• Analyst sentiment is generally positive: six analysts rate the stock a Buy, one rates it Hold and one rates it Sell. The consensus rating is “Moderate Buy,” with an average price target of $28.94, below the recent trading price.
• The company’s revenue rose 21.5% year over year to $71.55 million, exceeding expectations, but its quarterly loss of $0.25 per share was wider than forecast. Insiders have sold about $34.4 million worth of shares over the past 90 days.

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as $30.10 and last traded at $30.3490, with a volume of 2895 shares trading hands. The stock had previously closed at $29.84.

Analyst Ratings Changes

Several research firms have commented on ADPT. National Bank Financial set a $34.00 price objective on shares of Adaptive Biotechnologies in a report on Tuesday, September 22nd. BTIG Research lifted their target price on Adaptive Biotechnologies from $25.00 to $34.00 and gave the stock a "buy" rating in a report on Tuesday, September 22nd. Morgan Stanley lifted their target price on Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research report on Friday, July 17th. Finally, Guggenheim increased their price target on Adaptive Biotechnologies from $25.00 to $32.00 and gave the company a "buy" rating in a research note on Thursday. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Adaptive Biotechnologies currently has an average rating of "Moderate Buy" and an average price target of $28.94.

Adaptive Biotechnologies Price Performance

The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. The firm's 50-day moving average price is $25.78 and its 200-day moving average price is $19.76. The stock has a market capitalization of $4.66 billion, a PE ratio of -72.18 and a beta of 2.09.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.12). The company had revenue of $71.55 million during the quarter, compared to analysts' expectations of $65.44 million. Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%.The company's revenue was up 21.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.17) EPS. On average, equities analysts forecast that Adaptive Biotechnologies Corporation will post -0.4 EPS for the current fiscal year.

Insider Transactions at Adaptive Biotechnologies

In related news, insider Susan Bobulsky sold 1,195 shares of Adaptive Biotechnologies stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $27.00, for a total transaction of $32,265.00. Following the completion of the transaction, the insider directly owned 395,794 shares of the company's stock, valued at approximately $10,686,438. The trade was a 0.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Francis Lo sold 26,792 shares of the company's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $28.28, for a total transaction of $757,677.76. Following the transaction, the insider owned 220,867 shares in the company, valued at $6,246,118.76. The trade was a 10.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,419,208 shares of company stock worth $34,359,016. 5.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Tidal Investments LLC bought a new position in Adaptive Biotechnologies in the 2nd quarter valued at $855,000. Integrated Wealth Concepts LLC bought a new stake in shares of Adaptive Biotechnologies during the second quarter worth $46,000. Arizona State Retirement System lifted its position in shares of Adaptive Biotechnologies by 1.3% during the second quarter. Arizona State Retirement System now owns 31,866 shares of the company's stock worth $684,000 after purchasing an additional 416 shares during the last quarter. Nykredit A S purchased a new stake in shares of Adaptive Biotechnologies during the second quarter valued at $31,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Adaptive Biotechnologies during the second quarter valued at $754,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies is a biotechnology company focused on using the genetics of the adaptive immune system to develop diagnostic and therapeutic applications. Its technologies analyze immune-cell receptors, including T-cell and B-cell receptors, to help identify and measure immune responses associated with cancer, infectious diseases and other conditions.

The company's product portfolio includes immunoSEQ, a research and clinical platform for immune-repertoire sequencing, and clonoSEQ, a diagnostic test used to detect and monitor measurable residual disease in certain blood cancers.

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