Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 3.2%

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) fell 3.2% during mid-day trading on Thursday . The stock traded as low as $4.24 and last traded at $4.25. 99,122 shares were traded during mid-day trading, a decline of 93% from the average session volume of 1,484,470 shares. The stock had previously closed at $4.39.

Wall Street Analysts Forecast Growth

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

Adaptive Biotechnologies Price Performance

The firm has a market capitalization of $679.84 million, a PE ratio of -3.09 and a beta of 1.42. The company’s fifty day simple moving average is $4.38 and its 200 day simple moving average is $3.66.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The firm had revenue of $43.19 million during the quarter, compared to analyst estimates of $38.63 million. During the same period last year, the company earned ($0.33) earnings per share. The business’s revenue for the quarter was down 11.7% on a year-over-year basis. On average, analysts anticipate that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several large investors have recently added to or reduced their stakes in the business. Manchester Capital Management LLC bought a new position in shares of Adaptive Biotechnologies in the first quarter worth approximately $32,000. Rothschild Investment LLC purchased a new position in shares of Adaptive Biotechnologies in the 2nd quarter worth about $36,000. MQS Management LLC purchased a new position in shares of Adaptive Biotechnologies during the 2nd quarter valued at about $36,000. Pinnacle Wealth Planning Services Inc. bought a new stake in Adaptive Biotechnologies in the 1st quarter worth approximately $46,000. Finally, First Trust Direct Indexing L.P. purchased a new stake in Adaptive Biotechnologies in the first quarter worth approximately $47,000. Institutional investors 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.