Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 1-Year High – Still a Buy?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s stock price reached a new 52-week high during trading on Monday. The stock traded as high as $30.74 and last traded at $30.6280, with a volume of 1,694,623 shares changing hands. The stock had previously closed at $27.98.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. The Goldman Sachs Group assumed coverage on Adaptive Biotechnologies in a research note on Tuesday, September 29th. They set a “buy” rating and a $35.00 price objective on the stock. Guggenheim increased their target price on Adaptive Biotechnologies from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Tuesday. TD Cowen increased their target price on Adaptive Biotechnologies from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a report on Thursday, October 15th. Finally, Piper Sandler boosted their price target on Adaptive Biotechnologies from $20.00 to $27.50 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.31.

Adaptive Biotechnologies Stock Up 2.0%

The firm has a 50 day moving average price of $26.61 and a two-hundred day moving average price of $19.97. The company has a quick ratio of 3.87, a current ratio of 3.97 and a debt-to-equity ratio of 1.82. The company has a market capitalization of $4.85 billion, a price-to-earnings ratio of -66.53 and a beta of 2.18.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.12. Adaptive Biotechnologies had a negative net margin of 23.67% and a negative return on equity of 23.95%. The business had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $71.57 million. During the same quarter last year, the company posted $0.06 earnings per share. The company’s quarterly revenue was down 10.7% compared to the same quarter last year. As a group, sell-side analysts expect that Adaptive Biotechnologies Corporation will post -0.34 earnings per share for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In related news, COO Julie Rubinstein sold 11,881 shares of the stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $30.12, for a total transaction of $357,855.72. Following the sale, the chief operating officer owned 377,802 shares in the company, valued at $11,379,396.24. This represents a 3.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 1,071,525 shares of company stock worth $27,404,692. 5.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. bought a new position in Adaptive Biotechnologies in the 3rd quarter worth about $621,000. HighTower Advisors LLC acquired a new position in shares of Adaptive Biotechnologies during the third quarter worth approximately $216,000. Virtus Advisers LLC boosted its position in shares of Adaptive Biotechnologies by 16.1% during the third quarter. Virtus Advisers LLC now owns 18,810 shares of the company’s stock worth $544,000 after buying an additional 2,613 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Adaptive Biotechnologies by 14.0% during the third quarter. Russell Investments Group Ltd. now owns 89,721 shares of the company’s stock worth $2,593,000 after buying an additional 10,999 shares during the period. Finally, Mesirow Financial Investment Management Inc. bought a new position in Adaptive Biotechnologies in the 3rd quarter worth approximately $252,000. 99.17% of the stock is currently owned by institutional investors.

Adaptive Biotechnologies Company Profile

Adaptive Biotechnologies is a biotechnology company focused on using the human immune system to diagnose and treat disease. Based in Seattle, Washington, the company develops technologies that sequence and analyze immune cells and their receptors, generating data for clinical testing, research and drug development. Its products include immunoSEQ, a platform used by researchers and biopharmaceutical companies to study immune responses, and clonoSEQ, a clinical test that detects and monitors minimal residual disease in certain blood cancers.