Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Down 8.2% - Here's Why

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) fell 8.2% during mid-day trading on Friday . The company traded as low as $7.51 and last traded at $7.55. 1,015,272 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 1,472,465 shares. The stock had previously closed at $8.22.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ADPT shares. BTIG Research lifted their price target on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a "buy" rating in a research note on Wednesday, December 18th. Scotiabank lifted 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 report on Thursday, February 13th. Piper Sandler reissued an "overweight" rating and issued a $11.00 target price (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Finally, The Goldman Sachs Group raised Adaptive Biotechnologies from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $8.00 to $9.00 in a report on Friday, March 21st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $9.40.

Adaptive Biotechnologies Stock Up 1.2 %

The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -6.90 and a beta of 1.53. The company has a fifty day moving average price of $7.91 and a two-hundred day moving average price of $6.40.

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Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the company posted ($0.30) EPS. On average, equities analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling at Adaptive Biotechnologies

In other news, CFO Kyle Piskel sold 10,320 shares of Adaptive Biotechnologies stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total value of $72,033.60. Following the sale, the chief financial officer now owns 269,010 shares of the company's stock, valued at $1,877,689.80. The trade was a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter M. Neupert sold 10,000 shares of Adaptive Biotechnologies stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $7.05, for a total value of $70,500.00. Following the completion of the sale, the director now directly owns 224,690 shares in the company, valued at $1,584,064.50. This represents a 4.26 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 757,601 shares of company stock worth $6,040,624. 6.20% of the stock is currently owned by insiders.

Institutional Trading of Adaptive Biotechnologies

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. KBC Group NV purchased a new position in Adaptive Biotechnologies in the fourth quarter valued at about $50,000. GAMMA Investing LLC purchased a new position in Adaptive Biotechnologies in the 4th quarter valued at approximately $59,000. Cibc World Markets Corp purchased a new stake in Adaptive Biotechnologies during the fourth quarter worth $65,000. Townsquare Capital LLC acquired a new stake in Adaptive Biotechnologies in the third quarter valued at $56,000. Finally, Bridgefront Capital LLC purchased a new position in shares of Adaptive Biotechnologies in the fourth quarter valued at $80,000. Institutional investors and hedge funds 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.