Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up After Better-Than-Expected Earnings

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.11, but opened at $3.36. Adaptive Biotechnologies shares last traded at $3.51, with a volume of 865,157 shares changing hands.

The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.02. Adaptive Biotechnologies had a negative net margin of 132.29% and a negative return on equity of 53.65%. The firm had revenue of $41.87 million during the quarter, compared to the consensus estimate of $38.78 million. During the same quarter last year, the firm earned ($0.40) EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ADPT shares. The Goldman Sachs Group lowered their price target on Adaptive Biotechnologies from $11.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, February 16th. BTIG Research lowered their target price on shares of Adaptive Biotechnologies from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. decreased their price target on Adaptive Biotechnologies from $11.00 to $8.00 and set an “overweight” rating on the stock in a research note on Thursday, February 15th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.80.

Insider Activity

In related news, CFO Tycho Peterson sold 15,456 shares of Adaptive Biotechnologies stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $3.44, for a total transaction of $53,168.64. Following the completion of the sale, the chief financial officer now owns 531,553 shares in the company, valued at approximately $1,828,542.32. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adaptive Biotechnologies news, CFO Tycho Peterson sold 15,456 shares of Adaptive Biotechnologies stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $3.44, for a total value of $53,168.64. Following the completion of the sale, the chief financial officer now directly owns 531,553 shares of the company’s stock, valued at approximately $1,828,542.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kyle Piskel sold 7,727 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total value of $26,503.61. Following the transaction, the insider now directly owns 123,318 shares in the company, valued at approximately $422,980.74. The disclosure for this sale can be found here. Insiders have sold 124,307 shares of company stock worth $428,090 over the last ninety days. 5.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Manchester Capital Management LLC purchased a new stake in shares of Adaptive Biotechnologies during the first quarter worth about $32,000. First Trust Direct Indexing L.P. acquired a new position in shares of Adaptive Biotechnologies in the 1st quarter valued at approximately $47,000. Personal CFO Solutions LLC purchased a new position in shares of Adaptive Biotechnologies during the 4th quarter valued at approximately $55,000. AXQ Capital LP acquired a new stake in shares of Adaptive Biotechnologies during the third quarter worth approximately $58,000. Finally, Mesirow Financial Investment Management Inc. bought a new stake in shares of Adaptive Biotechnologies in the first quarter worth $60,000. 99.17% of the stock is owned by institutional investors and hedge funds.

Adaptive Biotechnologies Trading Up 9.3 %

The stock’s 50 day simple moving average is $3.08 and its 200 day simple moving average is $3.91. The stock has a market capitalization of $501.06 million, a P/E ratio of -2.37 and a beta of 1.27.

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.