Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up Following Earnings Beat

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $5.63, but opened at $6.00. Adaptive Biotechnologies shares last traded at $5.79, with a volume of 232,141 shares.

The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.08. Adaptive Biotechnologies had a negative net margin of 126.49% and a negative return on equity of 60.99%. The business had revenue of $46.44 million during the quarter, compared to analysts' expectations of $40.59 million.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADPT. BTIG Research boosted their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price objective on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an "overweight" rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Adaptive Biotechnologies presently has an average rating of "Moderate Buy" and a consensus target price of $6.25.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Jennison Associates LLC increased its stake in shares of Adaptive Biotechnologies by 30.3% in the 3rd quarter. Jennison Associates LLC now owns 231,531 shares of the company's stock valued at $1,185,000 after buying an additional 53,908 shares during the period. 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. GSA Capital Partners LLP bought a new stake in Adaptive Biotechnologies during the 3rd quarter worth about $247,000. Ashton Thomas Securities LLC acquired a new position in Adaptive Biotechnologies during the 3rd quarter valued at about $34,000. Finally, ARK Investment Management LLC boosted its stake in shares of Adaptive Biotechnologies by 1.7% in the 3rd quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company's stock valued at $59,398,000 after purchasing an additional 189,134 shares during the last quarter. Institutional investors and hedge funds own 99.17% of the company's stock.

Adaptive Biotechnologies Stock Performance

The company has a market cap of $858.28 million, a price-to-earnings ratio of -3.83 and a beta of 1.45. The firm's 50-day moving average price is $4.79 and its 200 day moving average price is $4.11.

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.