Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down - Time to Sell?

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $5.00, but opened at $4.87. Adaptive Biotechnologies shares last traded at $4.88, with a volume of 146,413 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ADPT shares. JPMorgan Chase & Co. upped their price target on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an "overweight" rating in a report on Friday, August 2nd. BTIG Research upped their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Adaptive Biotechnologies currently has a consensus rating of "Moderate Buy" and an average target price of $7.00.

Adaptive Biotechnologies Price Performance

The firm has a market capitalization of $723.58 million, a price-to-earnings ratio of -3.25 and a beta of 1.44. The business's fifty day simple moving average is $4.63 and its 200 day simple moving average is $3.81.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.02. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The company had revenue of $43.19 million during the quarter, compared to the consensus estimate of $38.63 million. During the same period last year, the business posted ($0.33) EPS. The firm's revenue for the quarter was down 11.7% compared to the same quarter last year. Equities research analysts expect that Adaptive Biotechnologies Co. will post -1.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Several large investors have recently added to or reduced their stakes in ADPT. The Manufacturers Life Insurance Company raised its holdings in Adaptive Biotechnologies by 5.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 48,834 shares of the company's stock valued at $177,000 after acquiring an additional 2,710 shares during the period. Essex Investment Management Co. LLC lifted its holdings in Adaptive Biotechnologies by 1.9% during the 1st quarter. Essex Investment Management Co. LLC now owns 277,096 shares of the company's stock worth $889,000 after purchasing an additional 5,183 shares in the last quarter. American Century Companies Inc. boosted its stake in Adaptive Biotechnologies by 18.3% in the 2nd quarter. American Century Companies Inc. now owns 45,562 shares of the company's stock worth $165,000 after purchasing an additional 7,039 shares during the period. Manchester Capital Management LLC purchased a new position in Adaptive Biotechnologies during the 1st quarter valued at about $32,000. Finally, MQS Management LLC bought a new stake in shares of Adaptive Biotechnologies during the second quarter valued at about $36,000. Hedge funds and other 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.