Adaptive Biotechnologies (NASDAQ:ADPT) Trading Up 9.4% - What's Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) rose 9.4% on Tuesday . The stock traded as high as $8.46 and last traded at $8.44. Approximately 184,400 shares traded hands during trading, a decline of 88% from the average daily volume of 1,487,053 shares. The stock had previously closed at $7.71.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADPT. BTIG Research lifted their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a "buy" rating in a report on Wednesday, December 18th. The Goldman Sachs Group upgraded Adaptive Biotechnologies from a "neutral" rating to a "buy" rating and boosted their price target for the company from $8.00 to $9.00 in a research note on Friday, March 21st. Scotiabank increased 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. Finally, Piper Sandler restated an "overweight" rating and set a $11.00 target price (up from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Adaptive Biotechnologies currently has a consensus rating of "Buy" and an average target price of $9.40.

Adaptive Biotechnologies Stock Up 2.8 %

The firm has a market cap of $1.18 billion, a PE ratio of -7.28 and a beta of 1.73. The firm's fifty day simple moving average is $7.91 and its two-hundred day simple moving average is $6.63.

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Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last released its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share 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 in the previous year, the business posted ($0.30) EPS. As a group, analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Robert Hershberg sold 53,000 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $7.59, for a total value of $402,270.00. Following the transaction, the director now owns 69,690 shares of the company's stock, valued at approximately $528,947.10. The trade was a 43.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Chad M. Robins sold 211,160 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the transaction, the chief executive officer now directly owns 2,576,701 shares of the company's stock, valued at $21,901,958.50. The trade was a 7.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 757,601 shares of company stock valued at $6,040,624. Corporate insiders own 6.20% of the company's stock.

Institutional Investors Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently made changes to their positions in the company. Alpha Wealth Funds LLC bought a new stake in Adaptive Biotechnologies in the 1st quarter worth approximately $297,000. Rhumbline Advisers increased its position in Adaptive Biotechnologies by 4.0% in the first quarter. Rhumbline Advisers now owns 188,524 shares of the company's stock worth $1,401,000 after purchasing an additional 7,322 shares during the last quarter. GAMMA Investing LLC raised its stake in Adaptive Biotechnologies by 914.4% during the first quarter. GAMMA Investing LLC now owns 99,510 shares of the company's stock valued at $739,000 after purchasing an additional 89,700 shares in the last quarter. California State Teachers Retirement System raised its stake 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 purchasing an additional 88,996 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Adaptive Biotechnologies during the fourth quarter valued at $711,000. 99.17% of the stock is currently 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.