Pier 88 Investment Partners LLC Sells 51,700 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Pier 88 Investment Partners LLC reduced its holdings in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPTFree Report) by 67.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 24,795 shares of the company’s stock after selling 51,700 shares during the period. Pier 88 Investment Partners LLC’s holdings in Adaptive Biotechnologies were worth $121,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. ARK Investment Management LLC increased its stake in Adaptive Biotechnologies by 11.3% in the fourth quarter. ARK Investment Management LLC now owns 12,806,513 shares of the company’s stock worth $62,752,000 after purchasing an additional 1,297,205 shares during the period. Vanguard Group Inc. boosted its stake in shares of Adaptive Biotechnologies by 1.6% during the third quarter. Vanguard Group Inc. now owns 12,249,042 shares of the company’s stock valued at $66,757,000 after purchasing an additional 196,555 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Adaptive Biotechnologies by 32.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,603,500 shares of the company’s stock worth $12,757,000 after purchasing an additional 632,040 shares during the last quarter. Federated Hermes Inc. increased its stake in Adaptive Biotechnologies by 24.5% in the 3rd quarter. Federated Hermes Inc. now owns 1,385,207 shares of the company’s stock worth $7,549,000 after buying an additional 272,720 shares during the period. Finally, Braidwell LP lifted its holdings in Adaptive Biotechnologies by 49.2% during the 3rd quarter. Braidwell LP now owns 967,690 shares of the company’s stock valued at $5,274,000 after buying an additional 319,239 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of Adaptive Biotechnologies from $11.00 to $8.00 and set an “overweight” rating on the stock in a research note on Thursday, February 15th. The Goldman Sachs Group dropped their price objective on Adaptive Biotechnologies from $11.00 to $5.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Finally, BTIG Research decreased their target price on Adaptive Biotechnologies from $6.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Adaptive Biotechnologies has an average rating of “Moderate Buy” and a consensus price target of $6.80.

Read Our Latest Stock Analysis on Adaptive Biotechnologies

Adaptive Biotechnologies Stock Performance

Adaptive Biotechnologies stock traded down $0.01 during mid-day trading on Friday, reaching $3.44. 847,516 shares of the company were exchanged, compared to its average volume of 1,415,091. The firm has a market cap of $506.95 million, a P/E ratio of -2.31 and a beta of 1.27. The business has a fifty day moving average of $3.05 and a 200 day moving average of $3.82. Adaptive Biotechnologies Co. has a 12-month low of $2.28 and a 12-month high of $9.08.

Adaptive Biotechnologies (NASDAQ:ADPTGet Free Report) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.33) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.02. Adaptive Biotechnologies had a negative return on equity of 56.58% and a negative net margin of 123.24%. The firm had revenue of $41.87 million during the quarter, compared to analyst estimates of $38.78 million. During the same period in the previous year, the company posted ($0.40) EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. Sell-side analysts predict that Adaptive Biotechnologies Co. will post -1.3 EPS for the current year.

Insider Buying and Selling at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, CFO Tycho Peterson sold 15,456 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $3.44, for a total value of $53,168.64. Following the completion of the sale, the chief financial officer now directly owns 531,553 shares in the company, valued at $1,828,542.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adaptive Biotechnologies news, CFO Tycho Peterson sold 15,456 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $3.44, for a total value of $53,168.64. Following the completion of the sale, the chief financial officer now directly owns 531,553 shares in the company, valued at $1,828,542.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kyle Piskel sold 7,727 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $3.43, for a total value of $26,503.61. Following the sale, the insider now owns 123,318 shares in the company, valued at approximately $422,980.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 124,307 shares of company stock valued at $428,090. 6.20% of the stock is currently owned by insiders.

Adaptive Biotechnologies Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adaptive Biotechnologies (NASDAQ:ADPT)

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