Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down - Should You Sell?

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $7.67, but opened at $7.27. Adaptive Biotechnologies shares last traded at $7.40, with a volume of 193,980 shares trading hands.

Wall Street Analysts Forecast Growth

ADPT has been the subject of a number of recent research reports. The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $8.00 to $9.00 in a research note on Friday, March 21st. BTIG Research boosted their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Wednesday, December 18th. Piper Sandler reissued an "overweight" rating and set a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Finally, Scotiabank lifted their target price on Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a "sector outperform" rating in a report on Thursday, February 13th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $9.40.

Adaptive Biotechnologies Price Performance

The stock has a market cap of $1.10 billion, a P/E ratio of -6.80 and a beta of 1.73. The firm's fifty day moving average price is $7.91 and its two-hundred day moving average price is $6.43.

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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 return on equity of 64.65% and a negative net margin of 89.12%. During the same period last year, the company posted ($0.30) EPS. On average, research analysts expect that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Adaptive Biotechnologies

In related news, CFO Kyle Piskel sold 10,320 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $72,033.60. Following the transaction, the chief financial officer now owns 269,010 shares of the company's stock, valued at $1,877,689.80. This represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chad M. Robins sold 158,921 shares of Adaptive Biotechnologies stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.46, for a total value of $1,344,471.66. Following the sale, the chief executive officer now directly owns 2,576,701 shares of the company's stock, valued at approximately $21,798,890.46. This trade represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 757,601 shares of company stock worth $6,040,624 over the last three months. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of large investors have recently modified their holdings of the company. California State Teachers Retirement System grew its position in Adaptive Biotechnologies by 1,060.5% during the fourth quarter. California State Teachers Retirement System now owns 97,388 shares of the company's stock valued at $584,000 after acquiring an additional 88,996 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Adaptive Biotechnologies during the 4th quarter valued at $711,000. Voloridge Investment Management LLC purchased a new position in Adaptive Biotechnologies in the 4th quarter worth $174,000. Soleus Capital Management L.P. lifted its stake in Adaptive Biotechnologies by 168.1% in the fourth quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock worth $17,884,000 after purchasing an additional 1,870,393 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in Adaptive Biotechnologies by 265.3% during the fourth quarter. Squarepoint Ops LLC now owns 44,401 shares of the company's stock valued at $266,000 after buying an additional 32,247 shares during the period. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.