Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 7.3% – Here’s Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT) rose 7.3% during trading on Thursday . The company traded as high as $6.45 and last traded at $6.44. Approximately 102,666 shares changed hands during trading, a decline of 93% from the average daily volume of 1,394,303 shares. The stock had previously closed at $6.00.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. BTIG Research boosted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Piper Sandler lifted their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a research note on Monday, November 11th.

Adaptive Biotechnologies Stock Performance

The company has a 50-day moving average price of $5.73 and a 200-day moving average price of $4.83. The firm has a market capitalization of $934.18 million, a price-to-earnings ratio of -4.72 and a beta of 1.49.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its position in shares of Adaptive Biotechnologies by 5.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,834 shares of the company’s stock worth $177,000 after buying an additional 2,710 shares during the period. Vontobel Holding Ltd. raised its position in shares of Adaptive Biotechnologies by 30.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 17,000 shares of the company’s stock worth $87,000 after purchasing an additional 4,000 shares during the period. JTC Employer Solutions Trustee Ltd bought a new stake in shares of Adaptive Biotechnologies during the 3rd quarter worth about $26,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in Adaptive Biotechnologies by 29.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,576 shares of the company’s stock worth $131,000 after purchasing an additional 5,826 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Adaptive Biotechnologies by 48.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 20,000 shares of the company’s stock valued at $102,000 after buying an additional 6,500 shares in the last quarter. Institutional investors and hedge funds own 99.17% of the company’s stock.

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.