Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 6.4% – Here’s Why

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) was up 6.4% during trading on Tuesday . The stock traded as high as $26.00 and last traded at $26.3680. 1,062,053 shares changed hands during trading, a decline of 53% from the average daily volume of 2,258,277 shares. The stock had previously closed at $24.78.

Analyst Upgrades and Downgrades

ADPT has been the subject of a number of analyst reports. Morgan Stanley raised their price target on Adaptive Biotechnologies from $20.00 to $22.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Piper Sandler increased their price objective on Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a report on Tuesday, August 4th. TD Cowen increased their price objective on Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research note on Friday, July 17th. Finally, BTIG Research boosted their target price on shares of Adaptive Biotechnologies from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Five investment 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $24.42.

Adaptive Biotechnologies Trading Up 1.8%

The business has a 50 day moving average of $24.08 and a two-hundred day moving average of $18.49. The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. The firm has a market cap of $4.49 billion, a P/E ratio of -68.71 and a beta of 2.09.

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

Insider Activity at Adaptive Biotechnologies

In related news, Director Peter Neupert sold 124,690 shares of Adaptive Biotechnologies stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $25.15, for a total transaction of $3,135,953.50. Following the completion of the sale, the director owned 130,625 shares of the company’s stock, valued at approximately $3,285,218.75. The trade was a 48.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert Hershberg sold 30,664 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $24.40, for a total transaction of $748,201.60. Following the completion of the transaction, the director owned 46,683 shares in the company, valued at approximately $1,139,065.20. This trade represents a 39.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,900,424 shares of company stock worth $43,823,058 in the last quarter. 5.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Adaptive Biotechnologies in the 2nd quarter valued at $324,735,000. Wellington Management Group LLP lifted its holdings in shares of Adaptive Biotechnologies by 53.2% during the second quarter. Wellington Management Group LLP now owns 5,911,366 shares of the company’s stock worth $126,799,000 after buying an additional 2,053,944 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Adaptive Biotechnologies during the fourth quarter worth $65,942,000. Bank of America Corp DE acquired a new stake in shares of Adaptive Biotechnologies during the second quarter worth $37,109,000. Finally, PBU The Pension Fund of Early Childhood & Youth Educators bought a new stake in shares of Adaptive Biotechnologies in the fourth quarter valued at about $26,801,000. Institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Company Profile

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.