Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up on Better-Than-Expected Earnings

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $5.63, but opened at $6.00. Adaptive Biotechnologies shares last traded at $5.79, with a volume of 232,141 shares.

The company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.08. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The business had revenue of $46.44 million for the quarter, compared to analyst estimates of $40.59 million.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ADPT shares. BTIG Research raised their price target on shares of Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price target on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $6.25.

Institutional Trading of Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently bought and sold shares of ADPT. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Adaptive Biotechnologies by 12.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after purchasing an additional 834,253 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at $247,000. Ashton Thomas Securities LLC purchased a new stake in Adaptive Biotechnologies in the 3rd quarter valued at $34,000. ARK Investment Management LLC boosted its stake in Adaptive Biotechnologies by 1.7% during the 3rd quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock worth $59,398,000 after purchasing an additional 189,134 shares during the period. Finally, US Bancorp DE grew its position in Adaptive Biotechnologies by 77.2% during the 3rd quarter. US Bancorp DE now owns 163,106 shares of the company’s stock worth $835,000 after purchasing an additional 71,065 shares during the last quarter. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Price Performance

The business’s 50 day simple moving average is $4.79 and its 200 day simple moving average is $4.11. The company has a market capitalization of $865.65 million, a price-to-earnings ratio of -3.83 and a beta of 1.45.

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.