Adaptive Biotechnologies (NASDAQ:ADPT) Stock Crosses Above Fifty Day Moving Average Following Insider Selling

Key Points

• Adaptive Biotechnologies shares crossed above their 50-day moving average, reaching $26.45 before closing at $26.27 on trading volume of about 1.16 million shares.
• Analyst sentiment is generally positive, with six Buy ratings, one Hold and one Sell. The stock carries a “Moderate Buy” consensus rating and an average price target of $30.06.
• The company reported revenue growth of 21.5% year over year, but its quarterly loss of $0.25 per share exceeded analysts’ expected loss. Institutional investors own approximately 99.17% of the outstanding shares.

Adaptive Biotechnologies Corporation (NASDAQ:ADPT - Get Free Report)'s share price passed above its 50-day moving average during trading on Monday following insider buying activity. The stock has a 50-day moving average of $26.17 and traded as high as $26.45. Adaptive Biotechnologies shares last traded at $26.27, with a volume of 1,164,225 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Morgan Stanley upped their price objective on Adaptive Biotechnologies from $22.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Monday, October 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Adaptive Biotechnologies in a research note on Thursday, October 15th. BTIG Research lifted their target price on Adaptive Biotechnologies from $25.00 to $34.00 and gave the company a "buy" rating in a report on Tuesday, September 22nd. National Bank Financial set a $34.00 target price on Adaptive Biotechnologies in a research note on Tuesday, September 22nd. Finally, TD Cowen upped their price target on Adaptive Biotechnologies from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Tuesday, October 13th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Adaptive Biotechnologies has an average rating of "Moderate Buy" and an average price target of $30.06.

Adaptive Biotechnologies Stock Performance

The company has a market cap of $4.19 billion, a PE ratio of -64.07 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. The stock's 50-day simple moving average is $26.17 and its 200 day simple moving average is $19.42.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings data 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). Adaptive Biotechnologies had a negative return on equity of 36.81% and a negative net margin of 20.73%. The business had revenue of $71.55 million for the quarter, compared to analyst estimates of $65.44 million. During the same period in the prior year, the company earned ($0.17) EPS. The company's revenue was up 21.5% on a year-over-year basis. As a group, equities analysts anticipate that Adaptive Biotechnologies Corporation will post -0.40 EPS for the current year.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of institutional investors and hedge funds have recently modified their holdings of ADPT. BlackRock Inc. purchased a new stake in Adaptive Biotechnologies in the 2nd quarter valued at approximately $324,735,000. Wellington Management Group LLP increased its position in Adaptive Biotechnologies by 53.2% during the second quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company's stock worth $126,799,000 after buying an additional 2,053,944 shares in the last quarter. Bank of America Corp DE purchased a new position in Adaptive Biotechnologies during the second quarter worth $37,109,000. Capricorn Fund Managers Ltd purchased a new position in Adaptive Biotechnologies during the first quarter worth $17,930,000. Finally, Freestone Grove Partners LP acquired a new position in shares of Adaptive Biotechnologies in the second quarter worth $18,912,000. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies Corporation NASDAQ: ADPT is a biotechnology company focused on using the genetics of the adaptive immune system to develop diagnostic and research tools. Based in Seattle, Washington, the company analyzes immune-cell receptors to help identify and measure disease, support drug development and improve understanding of immune responses.

Adaptive's products include clonoSEQ, a clinical assay used to detect and monitor measurable residual disease in certain blood cancers, including multiple myeloma, acute lymphoblastic leukemia and chronic lymphocytic leukemia.

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