Adaptive Biotechnologies (NASDAQ:ADPT) Shares Down 6.5% Following Insider Selling

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report)'s share price traded down 6.5% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $7.08 and last traded at $7.26. 739,149 shares traded hands during trading, a decline of 55% from the average session volume of 1,624,505 shares. The stock had previously closed at $7.77.

Specifically, Director Michelle Renee Griffin sold 15,664 shares of Adaptive Biotechnologies stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $7.94, for a total transaction of $124,372.16. Following the sale, the director now directly owns 51,685 shares of the company's stock, valued at approximately $410,378.90. The trade was a 23.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chad M. Robins sold 117,351 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $819,109.98. Following the completion of the transaction, the chief executive officer now directly owns 2,814,350 shares of the company's stock, valued at approximately $19,644,163. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, COO Julie Rubinstein sold 59,505 shares of the business's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $415,344.90. Following the sale, the chief operating officer now owns 588,249 shares of the company's stock, valued at $4,105,978.02. The trade was a 9.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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Wall Street Analyst Weigh In

ADPT has been the subject of a number of analyst reports. Piper Sandler reissued an "overweight" rating and set a $11.00 price objective (up from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. BTIG Research lifted their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a "buy" rating in a report on Wednesday, December 18th. Scotiabank upped their price objective on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a "sector outperform" rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group raised their price objective on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a "neutral" rating in a report on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.10.

Adaptive Biotechnologies Stock Performance

The company's 50-day moving average is $7.59 and its 200-day moving average is $6.08. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -6.87 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 89.12% and a negative return on equity of 64.65%. During the same period in the prior year, the firm earned ($0.30) earnings per share. On average, analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Barclays PLC raised its position in shares of Adaptive Biotechnologies by 149.5% during the third quarter. Barclays PLC now owns 230,177 shares of the company's stock worth $1,180,000 after acquiring an additional 137,936 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position 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 worth $39,597,000 after purchasing an additional 834,253 shares during the period. Millrace Asset Group Inc. bought a new stake in Adaptive Biotechnologies during the 3rd quarter worth about $1,396,000. Point72 Asset Management L.P. acquired a new position in Adaptive Biotechnologies during the 3rd quarter valued at about $2,537,000. Finally, 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 valued at $73,728,000 after purchasing an additional 400,000 shares during the period. Institutional investors and hedge funds own 99.17% of the company's stock.

About Adaptive Biotechnologies

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.