Adaptive Biotechnologies (NASDAQ:ADPT) Shares Down 5.2%

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) shares traded down 5.2% during mid-day trading on Friday . The stock traded as low as $4.52 and last traded at $4.53. 373,378 shares were traded during trading, a decline of 74% from the average session volume of 1,463,385 shares. The stock had previously closed at $4.78.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. raised their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the stock an "overweight" rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $6.40.

Adaptive Biotechnologies Stock Performance

The stock has a fifty day simple moving average of $4.47 and a two-hundred day simple moving average of $3.68. The stock has a market cap of $685.26 million, a price-to-earnings ratio of -3.12 and a beta of 1.42.

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

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of institutional investors have recently added to or reduced their stakes in ADPT. Manchester Capital Management LLC acquired a new position in shares of Adaptive Biotechnologies during the first quarter worth $32,000. Rothschild Investment LLC bought a new position in Adaptive Biotechnologies in the second quarter valued at about $36,000. MQS Management LLC acquired a new stake in shares of Adaptive Biotechnologies during the second quarter valued at about $36,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Adaptive Biotechnologies during the first quarter valued at about $46,000. Finally, First Trust Direct Indexing L.P. bought a new stake in shares of Adaptive Biotechnologies during the first quarter worth about $47,000. 99.17% of the stock is currently owned by institutional investors and hedge funds.

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.