Adaptive Biotechnologies (NASDAQ:ADPT) Trading 7.3% Higher - Here's Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report)'s stock price shot up 7.3% on Thursday . The stock traded as high as $6.45 and last traded at $6.44. 102,666 shares traded hands during trading, a decline of 93% from the average session volume of 1,394,303 shares. The stock had previously closed at $6.00.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADPT. 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 report on Wednesday, December 18th. Piper Sandler increased their price objective 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.

Adaptive Biotechnologies Stock Performance

The firm has a market cap of $913.51 million, a price-to-earnings ratio of -4.62 and a beta of 1.49. The stock has a 50-day moving average of $5.73 and a 200-day moving average of $4.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew its stake in Adaptive Biotechnologies by 1,008.3% in the second quarter. Millennium Management LLC now owns 9,262,341 shares of the company's stock valued at $33,530,000 after purchasing an additional 8,426,580 shares in the last quarter. Rubric Capital Management LP boosted its holdings in shares of Adaptive Biotechnologies by 33.3% in the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company's stock valued at $50,680,000 after buying an additional 3,500,000 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Adaptive Biotechnologies by 50.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company's stock valued at $14,162,000 after buying an additional 1,319,709 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company's stock worth $39,597,000 after buying an additional 834,253 shares during the last quarter. Finally, Clearline Capital LP bought a new stake in Adaptive Biotechnologies during the third quarter worth $3,147,000. Institutional investors own 99.17% of the company's stock.

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.