Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 10.1%

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares rose 10.1% on Thursday . The stock traded as high as $3.50 and last traded at $3.50. Approximately 843,777 shares changed hands during trading, a decline of 47% from the average daily volume of 1,599,795 shares. The stock had previously closed at $3.18.

Analysts Set New Price Targets

ADPT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on Adaptive Biotechnologies from $11.00 to $8.00 and set an “overweight” rating for the company in a research report on Thursday, February 15th. The Goldman Sachs Group dropped their price target on Adaptive Biotechnologies from $11.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Finally, BTIG Research reduced their price objective 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. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Adaptive Biotechnologies presently has a consensus rating of “Moderate Buy” and an average target price of $6.80.

Adaptive Biotechnologies Price Performance

The company has a 50 day moving average of $3.06 and a two-hundred day moving average of $3.90. The company has a market capitalization of $524.63 million, a PE ratio of -2.31 and a beta of 1.27.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, May 7th. The company reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.02. The firm had revenue of $41.87 million for the quarter, compared to analysts’ expectations of $38.78 million. Adaptive Biotechnologies had a negative net margin of 132.29% and a negative return on equity of 53.65%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) EPS. On average, equities analysts anticipate that Adaptive Biotechnologies Co. will post -1.31 EPS for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, SVP Stacy L. Taylor sold 13,381 shares of Adaptive Biotechnologies stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total transaction of $45,896.83. Following the completion of the transaction, the senior vice president now owns 166,287 shares in the company, valued at $570,364.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Stacy L. Taylor sold 13,381 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total transaction of $45,896.83. Following the completion of the transaction, the senior vice president now directly owns 166,287 shares in the company, valued at $570,364.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Chad M. Robins sold 48,673 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total transaction of $166,948.39. Following the completion of the transaction, the chief executive officer now owns 2,576,701 shares in the company, valued at approximately $8,838,084.43. The disclosure for this sale can be found here. Over the last quarter, insiders sold 124,307 shares of company stock valued at $428,090. Corporate insiders own 5.20% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently added to or reduced their stakes in ADPT. Susquehanna Fundamental Investments LLC purchased a new position in shares of Adaptive Biotechnologies in the first quarter worth $71,000. Manchester Capital Management LLC purchased a new position in Adaptive Biotechnologies in the 1st quarter worth about $32,000. Essex Investment Management Co. LLC raised its position in Adaptive Biotechnologies by 1.9% in the 1st quarter. Essex Investment Management Co. LLC now owns 277,096 shares of the company’s stock worth $889,000 after buying an additional 5,183 shares during the last quarter. Jennison Associates LLC lifted its stake in Adaptive Biotechnologies by 22.0% during the 1st quarter. Jennison Associates LLC now owns 174,767 shares of the company’s stock valued at $561,000 after acquiring an additional 31,547 shares during the period. Finally, Moloney Securities Asset Management LLC purchased a new stake in shares of Adaptive Biotechnologies during the 1st quarter valued at about $225,000. 99.17% of the stock is currently owned by hedge funds and other institutional investors.

About Adaptive Biotechnologies

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.