Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 12-Month High Following Analyst Upgrade

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) hit a new 52-week high on Friday after Scotiabank raised their price target on the stock from $10.00 to $12.00. Scotiabank currently has a sector outperform rating on the stock. Adaptive Biotechnologies traded as high as $8.56 and last traded at $8.52, with a volume of 2063623 shares trading hands. The stock had previously closed at $7.55.

ADPT has been the topic of several other research reports. The Goldman Sachs Group lifted their target price on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a "neutral" rating in a research report on Tuesday, January 28th. BTIG Research lifted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a "buy" rating in a research report on Wednesday, December 18th. Finally, Piper Sandler lifted their target price on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an "overweight" rating in a research report on Monday, November 11th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $8.30.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds have recently modified their holdings of the stock. Barclays PLC raised its holdings in shares of Adaptive Biotechnologies by 149.5% in the 3rd quarter. Barclays PLC now owns 230,177 shares of the company's stock worth $1,180,000 after purchasing an additional 137,936 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Adaptive Biotechnologies by 12.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company's stock worth $39,597,000 after purchasing an additional 834,253 shares during the period. Millrace Asset Group Inc. bought a new stake in shares of Adaptive Biotechnologies in the 3rd quarter worth approximately $1,396,000. Point72 Asset Management L.P. bought a new stake in shares of Adaptive Biotechnologies in the 3rd quarter worth approximately $2,537,000. Finally, Rubric Capital Management LP raised its holdings in shares of Adaptive Biotechnologies by 2.9% in the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company's stock worth $73,728,000 after purchasing an additional 400,000 shares during the period. Institutional investors own 99.17% of the company's stock.

Adaptive Biotechnologies Trading Down 2.2 %

The company has a market cap of $1.23 billion, a P/E ratio of -6.22 and a beta of 1.50. The business's fifty day moving average is $7.05 and its 200 day moving average is $5.68.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, beating analysts' consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 110.13% and a negative return on equity of 62.06%. During the same period last year, the business posted ($0.30) earnings per share. As a group, research analysts expect that Adaptive Biotechnologies Co. will post -1.08 EPS for the current fiscal year.

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.