Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 4.8%

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares traded down 4.8% during mid-day trading on Wednesday . The stock traded as low as $4.31 and last traded at $4.34. 158,583 shares changed hands during trading, a decline of 90% from the average session volume of 1,550,613 shares. The stock had previously closed at $4.56.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. boosted their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.40.

Adaptive Biotechnologies Stock Down 2.0 %

The business has a fifty day simple moving average of $3.88 and a two-hundred day simple moving average of $3.55. The company has a market capitalization of $711.79 million, a price-to-earnings ratio of -3.31 and a beta of 1.35.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.02. The company had revenue of $43.19 million for the quarter, compared to the consensus estimate of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 57.43% and a negative net margin of 126.49%. The company’s quarterly revenue was down 11.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.33) earnings per share. As a group, equities analysts predict that Adaptive Biotechnologies Co. will post -1.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ADPT. Millennium Management LLC boosted its holdings in shares of Adaptive Biotechnologies by 1,008.3% in the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after acquiring an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP lifted its holdings in Adaptive Biotechnologies by 33.3% during the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after buying an additional 3,500,000 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Adaptive Biotechnologies by 50.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock worth $14,162,000 after buying an additional 1,319,709 shares in the last quarter. abrdn plc acquired a new position in Adaptive Biotechnologies during the 4th quarter worth $4,576,000. Finally, ARK Investment Management LLC lifted its holdings in Adaptive Biotechnologies by 8.1% during the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after buying an additional 850,704 shares in the last quarter. 99.17% of the stock is owned by institutional investors and hedge funds.

About Adaptive Biotechnologies

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.