Adaptive Biotechnologies (NASDAQ:ADPT) Trading 4.4% Higher – Here’s What Happened

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price shot up 4.4% on Thursday . The stock traded as high as $29.10 and last traded at $29.1230. 282,467 shares traded hands during trading, a decline of 88% from the average session volume of 2,287,464 shares. The stock had previously closed at $27.89.

Analyst Ratings Changes

Several research analysts recently issued reports on ADPT shares. TD Cowen upped their target price on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. National Bank Financial set a $34.00 price target on Adaptive Biotechnologies in a research report on Tuesday. Morgan Stanley lifted their price target on Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. BTIG Research upped their price objective on Adaptive Biotechnologies from $25.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $27.07.

Adaptive Biotechnologies Price Performance

The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. The firm has a market capitalization of $4.61 billion, a P/E ratio of -70.56 and a beta of 2.09. The firm’s 50 day simple moving average is $24.73 and its two-hundred day simple moving average is $18.91.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings data on Wednesday, July 29th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.12). The company had revenue of $71.55 million for the quarter, compared to the consensus estimate of $65.44 million. Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period last year, the business posted ($0.17) earnings per share. As a group, analysts predict that Adaptive Biotechnologies Corporation will post -0.4 earnings per share for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, insider Francis Lo sold 115,406 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $28.06, for a total transaction of $3,238,292.36. Following the completion of the sale, the insider owned 220,867 shares of the company’s stock, valued at approximately $6,197,528.02. This represents a 34.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sharon Benzeno sold 154,768 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $21.14, for a total transaction of $3,271,795.52. Following the completion of the transaction, the insider owned 221,278 shares in the company, valued at $4,677,816.92. This represents a 41.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 2,017,025 shares of company stock worth $47,093,615 over the last quarter. Company insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Adaptive Biotechnologies during the 2nd quarter valued at $324,735,000. Wellington Management Group LLP increased its position in shares of Adaptive Biotechnologies by 53.2% in the second quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company’s stock valued at $126,799,000 after acquiring an additional 2,053,944 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Adaptive Biotechnologies in the fourth quarter valued at about $65,942,000. Bank of America Corp DE bought a new position in shares of Adaptive Biotechnologies during the second quarter valued at about $37,109,000. Finally, PBU The Pension Fund of Early Childhood & Youth Educators bought a new position in shares of Adaptive Biotechnologies during the fourth quarter valued at about $26,801,000. 99.17% of the stock is owned by hedge funds and other institutional investors.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corp. (NASDAQ: ADPT) is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.