Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Up - Here's What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $7.75, but opened at $8.05. Adaptive Biotechnologies shares last traded at $8.35, with a volume of 514,492 shares.

Analysts Set New Price Targets

ADPT has been the subject of several recent analyst reports. The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies from a "neutral" rating to a "buy" rating and raised their target price for the stock from $8.00 to $9.00 in a report on Friday. Scotiabank raised 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. Piper Sandler reiterated an "overweight" rating and set a $11.00 price objective (up from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Finally, BTIG Research increased their target price on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a "buy" rating in a report on Wednesday, December 18th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Adaptive Biotechnologies has a consensus rating of "Buy" and an average target price of $9.40.

Adaptive Biotechnologies Price Performance

The firm's fifty day moving average is $7.78 and its 200 day moving average is $6.27. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -7.72 and a beta of 1.53.

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Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating 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 quarter last year, the company posted ($0.30) earnings per share. Equities research analysts forecast that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Insider Buying and Selling at Adaptive Biotechnologies

In other Adaptive Biotechnologies news, CEO Chad M. Robins sold 211,160 shares of Adaptive Biotechnologies stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total value of $1,794,860.00. Following the completion of the sale, the chief executive officer now directly owns 2,576,701 shares in the company, valued at $21,901,958.50. The trade was a 7.57 % 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, 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 transaction of $72,033.60. Following the transaction, the chief financial officer now owns 269,010 shares in the company, valued at approximately $1,877,689.80. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 755,903 shares of company stock worth $6,025,342 over the last 90 days. 6.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Voya Investment Management LLC raised its holdings in Adaptive Biotechnologies by 6,121.7% during the fourth quarter. Voya Investment Management LLC now owns 2,428,710 shares of the company's stock valued at $14,560,000 after buying an additional 2,389,674 shares in the last quarter. Soleus Capital Management L.P. raised its stake in shares of Adaptive Biotechnologies by 168.1% in the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company's stock valued at $17,884,000 after acquiring an additional 1,870,393 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Adaptive Biotechnologies by 794.0% in the 4th quarter. Ameriprise Financial Inc. now owns 736,720 shares of the company's stock worth $4,417,000 after purchasing an additional 654,309 shares during the last quarter. Clearline Capital LP bought a new stake in Adaptive Biotechnologies during the third quarter worth approximately $3,147,000. Finally, Deutsche Bank AG grew its holdings in Adaptive Biotechnologies by 397.6% during the fourth quarter. Deutsche Bank AG now owns 630,577 shares of the company's stock valued at $3,783,000 after purchasing an additional 503,842 shares during the last quarter. 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.