Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 7.9% Following Analyst Upgrade

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) shot up 7.9% during trading on Thursday after Scotiabank raised their price target on the stock from $10.00 to $12.00. Scotiabank currently has a sector outperform rating on the stock. Adaptive Biotechnologies traded as high as $8.13 and last traded at $8.15. 453,401 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,494,131 shares. The stock had previously closed at $7.55.

ADPT has been the topic of a number of other reports. Piper Sandler upped their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. BTIG Research boosted their price target 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. Finally, The Goldman Sachs Group raised their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a research note on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $8.30.

Institutional Investors Weigh In On Adaptive Biotechnologies

Institutional investors have recently made changes to their positions in the stock. JTC Employer Solutions Trustee Ltd acquired a new stake in Adaptive Biotechnologies in the 3rd quarter valued at approximately $26,000. Ashton Thomas Securities LLC purchased a new stake in shares of Adaptive Biotechnologies during the 3rd quarter worth approximately $34,000. KBC Group NV purchased a new position in Adaptive Biotechnologies during the 4th quarter worth approximately $50,000. GAMMA Investing LLC acquired a new position in Adaptive Biotechnologies during the fourth quarter worth approximately $59,000. Finally, Cibc World Markets Corp purchased a new stake in Adaptive Biotechnologies in the fourth quarter valued at approximately $65,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

Adaptive Biotechnologies Stock Up 11.2 %

The company has a fifty day moving average price of $6.92 and a two-hundred day moving average price of $5.59. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -6.25 and a beta of 1.50.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 110.13% and a negative return on equity of 62.06%. During the same period in the previous year, the business earned ($0.30) earnings per share. On average, equities analysts anticipate that Adaptive Biotechnologies Co. will post -1.08 earnings per share for the current fiscal year.

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.