Cinctive Capital Management LP Invests $1.45 Million in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Cinctive Capital Management LP acquired a new position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 241,316 shares of the company's stock, valued at approximately $1,447,000. Cinctive Capital Management LP owned 0.16% of Adaptive Biotechnologies at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. KBC Group NV bought a new stake in shares of Adaptive Biotechnologies in the fourth quarter valued at approximately $50,000. GAMMA Investing LLC bought a new stake in shares of Adaptive Biotechnologies during the 4th quarter valued at $59,000. Cibc World Markets Corp acquired a new stake in shares of Adaptive Biotechnologies during the 4th quarter worth $65,000. Townsquare Capital LLC bought a new position in shares of Adaptive Biotechnologies in the third quarter worth $56,000. Finally, Amundi raised its stake in Adaptive Biotechnologies by 41.2% in the fourth quarter. Amundi now owns 15,532 shares of the company's stock valued at $93,000 after purchasing an additional 4,531 shares in the last quarter. Institutional investors and hedge funds own 99.17% of the company's stock.

Wall Street Analysts Forecast Growth

ADPT has been the topic of a number of analyst reports. 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 note on Thursday, February 20th. Scotiabank increased their price target 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. The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $8.00 to $9.00 in a research report on Friday, March 21st. Finally, BTIG Research raised 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, the stock has an average rating of "Buy" and a consensus target price of $9.40.

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Insiders Place Their Bets

In other Adaptive Biotechnologies news, Director Robert Hershberg sold 53,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $7.59, for a total transaction of $402,270.00. Following the sale, the director now directly owns 69,690 shares of the company's stock, valued at $528,947.10. The trade was a 43.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kyle Piskel sold 10,320 shares of the firm's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $72,033.60. Following the transaction, the chief financial officer now directly owns 269,010 shares of the company's stock, valued at $1,877,689.80. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 757,601 shares of company stock valued at $6,040,624 in the last 90 days. Corporate insiders own 6.20% of the company's stock.

Adaptive Biotechnologies Stock Performance

Shares of Adaptive Biotechnologies stock traded up $0.72 during midday trading on Wednesday, hitting $8.38. 3,083,339 shares of the company traded hands, compared to its average volume of 1,505,759. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -7.69 and a beta of 1.73. The firm's fifty day moving average price is $7.90 and its 200-day moving average price is $6.58. Adaptive Biotechnologies Co. has a 12 month low of $2.28 and a 12 month high of $9.01.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last announced its quarterly earnings results 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 firm earned ($0.30) earnings per share. Equities research analysts forecast that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

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.