Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 10.4% – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares rose 10.4% during mid-day trading on Tuesday . The stock traded as high as $7.13 and last traded at $7.36. Approximately 1,290,921 shares changed hands during trading, a decline of 23% from the average daily volume of 1,683,123 shares. The stock had previously closed at $6.67.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Piper Sandler reiterated an “overweight” rating and issued a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Scotiabank raised their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. 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 research note on Wednesday, December 18th. Finally, The Goldman Sachs Group raised their price objective on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the company 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.10.

Adaptive Biotechnologies Trading Up 12.3 %

The firm has a market capitalization of $1.11 billion, a P/E ratio of -6.87 and a beta of 1.53. The business has a 50 day moving average of $7.56 and a 200-day moving average of $6.06.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating 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 period in the prior year, the business posted ($0.30) EPS. On average, analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Insider Activity at Adaptive Biotechnologies

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

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Impact Partnership Wealth LLC grew its position in shares of Adaptive Biotechnologies by 8.8% in the 4th quarter. Impact Partnership Wealth LLC now owns 19,078 shares of the company’s stock valued at $114,000 after acquiring an additional 1,539 shares during the period. Russell Investments Group Ltd. lifted its position in shares of Adaptive Biotechnologies by 2.7% in the fourth quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company’s stock valued at $486,000 after buying an additional 2,163 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Adaptive Biotechnologies by 4.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,916 shares of the company’s stock valued at $395,000 after buying an additional 2,625 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Adaptive Biotechnologies by 10.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 31,292 shares of the company’s stock worth $188,000 after acquiring an additional 2,928 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in shares of Adaptive Biotechnologies by 5.6% during the 4th quarter. MetLife Investment Management LLC now owns 68,976 shares of the company’s stock worth $414,000 after acquiring an additional 3,650 shares during the last quarter. 99.17% of the stock is owned by institutional investors.

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.