Brokerages Set Adaptive Biotechnologies Corporation (NASDAQ:ADPT) Target Price at $24.42

Shares of Adaptive Biotechnologies Corporation (NASDAQ:ADPT) have been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $24.4167.

ADPT has been the topic of several analyst reports. Morgan Stanley boosted their price target on shares of Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Guggenheim lifted their target price on Adaptive Biotechnologies from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. TD Cowen upped their target price on Adaptive Biotechnologies from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Piper Sandler increased their price target on Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research note on Friday, July 17th.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ:ADPT opened at $28.61 on Thursday. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of -69.78 and a beta of 2.09. The firm’s 50 day simple moving average is $24.36 and its 200 day simple moving average is $18.65. The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. Adaptive Biotechnologies has a fifty-two week low of $12.00 and a fifty-two week high of $28.72.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $71.55 million during the quarter, compared to analyst estimates of $65.44 million. During the same quarter last year, the business posted ($0.17) earnings per share. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, sell-side analysts forecast that Adaptive Biotechnologies will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other Adaptive Biotechnologies news, insider Susan Bobulsky sold 1,195 shares of the company’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $27.00, for a total transaction of $32,265.00. Following the sale, the insider directly owned 395,794 shares of the company’s stock, valued at approximately $10,686,438. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Peter M. Neupert sold 124,690 shares of the stock in a transaction on 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. This represents a 48.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,017,025 shares of company stock worth $47,093,615 in the last quarter. 5.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC acquired a new stake in shares of Adaptive Biotechnologies in the second quarter valued at approximately $855,000. Integrated Wealth Concepts LLC bought a new stake in Adaptive Biotechnologies in the 2nd quarter valued at $46,000. Arizona State Retirement System grew its stake in shares of Adaptive Biotechnologies by 1.3% in the second quarter. Arizona State Retirement System now owns 31,866 shares of the company’s stock valued at $684,000 after acquiring an additional 416 shares in the last quarter. Nykredit A S bought a new position in shares of Adaptive Biotechnologies during the second quarter worth approximately $31,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Adaptive Biotechnologies during the 2nd quarter worth $754,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.