TD Cowen Forecasts Strong Price Appreciation for Adaptive Biotechnologies (NASDAQ:ADPT) Stock

Key Points

• TD Cowen has increased the target price for Adaptive Biotechnologies (NASDAQ: ADPT) from $13.00 to $15.00, indicating a potential upside of 29.85% from the previous close.
• Adaptive Biotechnologies recently reported $49.94 million in revenue for the quarter, exceeding analysts' expectations, and had a quarterly earnings per share of ($0.17), beating forecasts by $0.07.
• A majority of analysts have rated Adaptive Biotechnologies with a "Moderate Buy" consensus, with an average target price of $12.14 and six out of seven analysts issuing buy ratings.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) had its target price increased by equities researchers at TD Cowen from $13.00 to $15.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price target would indicate a potential upside of 29.85% from the company's previous close.

A number of other equities research analysts also recently commented on ADPT. Craig Hallum began coverage on Adaptive Biotechnologies in a research report on Wednesday, June 18th. They set a "buy" rating and a $15.00 price objective for the company. The Goldman Sachs Group increased their target price on shares of Adaptive Biotechnologies from $9.00 to $10.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Piper Sandler raised their price target on Adaptive Biotechnologies from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Adaptive Biotechnologies from $7.00 to $9.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Adaptive Biotechnologies currently has a consensus rating of "Moderate Buy" and an average target price of $12.14.

Adaptive Biotechnologies Price Performance

ADPT stock traded up $0.50 during trading on Wednesday, reaching $11.55. 2,784,332 shares of the stock traded hands, compared to its average volume of 2,007,297. The business's 50 day moving average price is $10.75 and its 200-day moving average price is $9.00. The firm has a market capitalization of $1.75 billion, a PE ratio of -11.99 and a beta of 1.92. Adaptive Biotechnologies has a 52-week low of $3.98 and a 52-week high of $12.83.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.07. The firm had revenue of $49.94 million for the quarter, compared to analysts' expectations of $49.40 million. Adaptive Biotechnologies had a negative return on equity of 62.79% and a negative net margin of 74.84%. Adaptive Biotechnologies's revenue for the quarter was up 36.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. On average, equities research analysts predict that Adaptive Biotechnologies will post -0.92 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Adaptive Biotechnologies by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 11,143,428 shares of the company's stock worth $82,796,000 after acquiring an additional 428,540 shares during the period. Ameriprise Financial Inc. increased its position in Adaptive Biotechnologies by 801.6% in the 1st quarter. Ameriprise Financial Inc. now owns 6,642,476 shares of the company's stock valued at $49,355,000 after acquiring an additional 5,905,756 shares during the period. Braidwell LP acquired a new position in Adaptive Biotechnologies in the 1st quarter valued at approximately $35,692,000. Soleus Capital Management L.P. increased its position in Adaptive Biotechnologies by 168.1% in the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock valued at $17,884,000 after acquiring an additional 1,870,393 shares during the period. Finally, Geode Capital Management LLC increased its position in Adaptive Biotechnologies by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 2,684,506 shares of the company's stock valued at $16,098,000 after acquiring an additional 22,628 shares during the period. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Company 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.

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