Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 6% – What’s Next?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) shot up 6% on Wednesday . The company traded as high as $15.68 and last traded at $15.7550. 1,250,453 shares traded hands during trading, a decline of 40% from the average session volume of 2,068,569 shares. The stock had previously closed at $14.86.

Analysts Set New Price Targets

Several analysts recently weighed in on ADPT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Wednesday, October 8th. Guggenheim assumed coverage on Adaptive Biotechnologies in a research report on Tuesday, September 30th. They set a “buy” rating and a $20.00 price objective on the stock. Wall Street Zen raised Adaptive Biotechnologies from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Piper Sandler upped their price target on shares of Adaptive Biotechnologies from $15.00 to $20.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Finally, JPMorgan Chase & Co. raised their price target on shares of Adaptive Biotechnologies from $17.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Adaptive Biotechnologies currently has a consensus rating of “Moderate Buy” and an average target price of $17.11.

Adaptive Biotechnologies Stock Up 6.5%

The stock has a 50 day moving average of $16.39 and a 200 day moving average of $13.33. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -29.31 and a beta of 2.20.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. The firm had revenue of $93.97 million for the quarter, compared to the consensus estimate of $58.76 million. Adaptive Biotechnologies had a negative net margin of 31.50% and a negative return on equity of 58.40%. The business’s revenue for the quarter was up 102.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) earnings per share. As a group, analysts predict that Adaptive Biotechnologies Corporation will post -0.92 EPS for the current fiscal year.

Insider Activity

In other Adaptive Biotechnologies news, insider Harlan S. Robins sold 27,212 shares of the business’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $18.61, for a total transaction of $506,415.32. Following the completion of the transaction, the insider directly owned 1,242,312 shares in the company, valued at $23,119,426.32. The trade was a 2.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Chad M. Robins sold 124,998 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $18.94, for a total value of $2,367,462.12. Following the sale, the chief executive officer owned 2,709,241 shares of the company’s stock, valued at $51,313,024.54. The trade was a 4.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,079,275 shares of company stock valued at $18,741,378. 6.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADPT. XTX Topco Ltd acquired a new position in shares of Adaptive Biotechnologies in the second quarter valued at approximately $793,000. SG Americas Securities LLC grew its holdings in Adaptive Biotechnologies by 53.2% during the 2nd quarter. SG Americas Securities LLC now owns 37,328 shares of the company’s stock worth $435,000 after acquiring an additional 12,963 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in Adaptive Biotechnologies in the 2nd quarter valued at approximately $6,618,000. Diversified Trust Co acquired a new position in Adaptive Biotechnologies in the 2nd quarter valued at approximately $438,000. Finally, Envestnet Asset Management Inc. bought a new position in shares of Adaptive Biotechnologies during the second quarter valued at $467,000. Institutional investors 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.