Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares gapped down prior to trading on Wednesday . The stock had previously closed at $8.12, but opened at $6.97. Adaptive Biotechnologies shares last traded at $8.19, with a volume of 2,416,660 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADPT. BTIG Research raised their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. The Goldman Sachs Group increased their price objective on Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Finally, Scotiabank lifted their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.10.

Adaptive Biotechnologies Stock Performance

The business has a 50-day simple moving average of $7.53 and a two-hundred day simple moving average of $6.00. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -7.13 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. During the same quarter in the prior year, the firm earned ($0.30) earnings per share. Research analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Insider Transactions at Adaptive Biotechnologies

In other news, CEO Chad M. Robins sold 158,921 shares of the company’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.46, for a total transaction of $1,344,471.66. Following the transaction, the chief executive officer now directly owns 2,576,701 shares of the company’s stock, valued at $21,798,890.46. This represents a 5.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michelle Renee Griffin sold 15,664 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $7.94, for a total transaction of $124,372.16. Following the completion of the sale, the director now owns 51,685 shares of the company’s stock, valued at $410,378.90. This trade represents a 23.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 692,903 shares of company stock worth $5,552,572 over the last ninety days. 6.20% of the stock is currently owned by company insiders.

Institutional Trading of Adaptive Biotechnologies

Large investors have recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in shares of Adaptive Biotechnologies during the 3rd quarter worth $34,000. KBC Group NV purchased a new position in shares of Adaptive Biotechnologies during the 4th quarter worth approximately $50,000. Townsquare Capital LLC acquired a new position in shares of Adaptive Biotechnologies during the 3rd quarter worth approximately $56,000. GAMMA Investing LLC acquired a new stake in Adaptive Biotechnologies during the 4th quarter valued at $59,000. Finally, Cibc World Markets Corp acquired a new position in shares of Adaptive Biotechnologies in the fourth quarter worth $65,000. Institutional investors and hedge funds 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.