Renaissance Technologies LLC Purchases 60,385 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Renaissance Technologies LLC lifted its position in Adaptive Biotechnologies Co. (NASDAQ:ADPT - Free Report) by 35.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 229,785 shares of the company's stock after purchasing an additional 60,385 shares during the quarter. Renaissance Technologies LLC owned about 0.16% of Adaptive Biotechnologies worth $1,378,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Legal & General Group Plc increased its stake in Adaptive Biotechnologies by 902.9% in the 4th quarter. Legal & General Group Plc now owns 108,630 shares of the company's stock worth $651,000 after acquiring an additional 97,798 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Adaptive Biotechnologies by 3.0% in the fourth quarter. Invesco Ltd. now owns 173,591 shares of the company's stock valued at $1,041,000 after purchasing an additional 4,985 shares in the last quarter. Russell Investments Group Ltd. increased its position in Adaptive Biotechnologies by 2.7% in the fourth quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company's stock worth $486,000 after purchasing an additional 2,163 shares during the last quarter. Wells Fargo & Company MN raised its stake in Adaptive Biotechnologies by 27.2% during the fourth quarter. Wells Fargo & Company MN now owns 69,286 shares of the company's stock valued at $415,000 after purchasing an additional 14,807 shares in the last quarter. Finally, ExodusPoint Capital Management LP bought a new position in Adaptive Biotechnologies during the fourth quarter valued at $1,480,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

Adaptive Biotechnologies Stock Up 33.7 %

NASDAQ:ADPT traded up $2.48 during mid-day trading on Friday, hitting $9.84. 15,566,433 shares of the stock traded hands, compared to its average volume of 1,546,287. Adaptive Biotechnologies Co. has a 52 week low of $2.99 and a 52 week high of $10.28. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -9.03 and a beta of 1.75. The firm's 50 day moving average is $7.76 and its two-hundred day moving average is $6.90.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported ($0.20) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.08. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. The firm had revenue of $52.44 million for the quarter, compared to analysts' expectations of $42.13 million. During the same quarter in the prior year, the firm posted ($0.33) earnings per share. The company's quarterly revenue was up 25.2% on a year-over-year basis. As a group, research analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on ADPT shares. The Goldman Sachs Group boosted their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a report on Friday. Piper Sandler reissued an "overweight" rating and set a $11.00 price objective (up from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. Finally, Scotiabank lifted their target price on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a "sector outperform" rating in a report on Thursday, February 13th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $9.60.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, CEO Chad M. Robins sold 211,160 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the completion of the sale, the chief executive officer now directly owns 2,576,701 shares of the company's stock, valued at approximately $21,901,958.50. The trade was a 7.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kyle Piskel sold 10,320 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total transaction of $72,033.60. Following the completion of the transaction, the chief financial officer now directly owns 269,010 shares in the company, valued at $1,877,689.80. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 757,601 shares of company stock valued at $6,040,624 in the last quarter. 6.20% of the stock is owned by insiders.

Adaptive Biotechnologies 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.