Adaptive Biotechnologies Co. (NASDAQ:ADPT) Short Interest Down 8.5% in November

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 8,200,000 shares, a decrease of 8.5% from the October 31st total of 8,960,000 shares. Based on an average trading volume of 1,140,000 shares, the days-to-cover ratio is presently 7.2 days.

Institutional Trading of Adaptive Biotechnologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. increased its stake in Adaptive Biotechnologies by 12.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company's stock valued at $39,597,000 after purchasing an additional 834,253 shares during the period. Millrace Asset Group Inc. acquired a new position in Adaptive Biotechnologies in the 3rd quarter valued at about $1,396,000. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Adaptive Biotechnologies by 11.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company's stock valued at $24,977,000 after acquiring an additional 722,924 shares during the last quarter. Rubric Capital Management LP lifted its position in Adaptive Biotechnologies by 2.9% during the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company's stock worth $73,728,000 after acquiring an additional 400,000 shares during the period. Finally, Millennium Management LLC grew its stake in shares of Adaptive Biotechnologies by 1,008.3% in the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company's stock valued at $33,530,000 after purchasing an additional 8,426,580 shares during the last quarter. Hedge funds and other institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Performance

NASDAQ ADPT traded up $0.59 on Monday, reaching $6.53. The stock had a trading volume of 1,698,795 shares, compared to its average volume of 1,423,273. The stock has a market cap of $963.70 million, a P/E ratio of -4.75 and a beta of 1.45. The business's 50-day moving average price is $5.07 and its 200 day moving average price is $4.39. Adaptive Biotechnologies has a 12-month low of $2.28 and a 12-month high of $6.70.

Analysts Set New Price Targets

ADPT has been the topic of several research analyst reports. BTIG Research raised their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a "buy" rating in a research report on Wednesday, October 2nd. Piper Sandler raised their price objective on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an "overweight" rating in a report on Monday, November 11th.

Adaptive Biotechnologies Company Profile

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.