Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 52-Week High - Time to Buy?

Key Points

• Adaptive Biotechnologies shares hit a new 52-week high, reaching $27.34 and closing around $26.68, up 7.7%. Analysts broadly remain positive, with a consensus “Moderate Buy” rating, though the average price target of $24.42 is below the current share price.
• The company’s latest quarterly revenue rose 21.5% year over year to $71.55 million, exceeding expectations, but its adjusted loss of $0.25 per share was wider than the projected $0.13 loss. Analysts expect a full-year loss of $0.40 per share.
• Insiders have been selling shares: company insiders sold approximately 1.9 million shares worth $43.8 million over the past 90 days, while institutional investors continue to hold a substantial 99.17% of the stock.

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $27.34 and last traded at $26.68, with a volume of 4123123 shares traded. The stock had previously closed at $24.78.

Wall Street Analyst Weigh In

ADPT has been the subject of several recent analyst reports. TD Cowen increased their price objective on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Piper Sandler raised their price objective on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Guggenheim boosted their target price on Adaptive Biotechnologies from $22.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. BTIG Research upped their target price on Adaptive Biotechnologies from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Finally, Morgan Stanley increased their price target on Adaptive Biotechnologies from $20.00 to $22.00 and gave the company an "equal weight" rating in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.42.

Adaptive Biotechnologies Stock Up 7.7%

The business's 50 day simple moving average is $23.93 and its 200-day simple moving average is $18.41. The company has a market cap of $4.26 billion, a price-to-earnings ratio of -65.07 and a beta of 2.09. The company has a debt-to-equity ratio of 2.22, a quick ratio of 4.68 and a current ratio of 4.79.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.12). The firm had revenue of $71.55 million for 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 firm's revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the business earned ($0.17) earnings per share. Sell-side analysts expect that Adaptive Biotechnologies Corporation will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, insider Harlan Robins sold 492,400 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $21.89, for a total value of $10,778,636.00. Following the completion of the sale, the insider directly owned 812,058 shares of the company's stock, valued at approximately $17,775,949.62. This represents a 37.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Chad Robins sold 321,324 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $25.08, for a total transaction of $8,058,805.92. Following the completion of the sale, the chief executive officer owned 2,180,518 shares in the company, valued at $54,687,391.44. This represents a 12.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,900,424 shares of company stock worth $43,823,058 in the last ninety days. 5.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC acquired a new position in Adaptive Biotechnologies in the second quarter valued at about $855,000. Integrated Wealth Concepts LLC bought a new stake in Adaptive Biotechnologies during the 2nd quarter worth approximately $46,000. Arizona State Retirement System grew its position in Adaptive Biotechnologies by 1.3% during the 2nd quarter. Arizona State Retirement System now owns 31,866 shares of the company's stock worth $684,000 after acquiring an additional 416 shares during the last quarter. Nykredit A S acquired a new stake in Adaptive Biotechnologies during the 2nd quarter valued at $31,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Adaptive Biotechnologies during the 2nd quarter valued at $754,000. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies Corp. NASDAQ: ADPT is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.

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