Pictet Asset Management Holding SA Cuts Holdings in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Pictet Asset Management Holding SA lowered its stake in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT - Free Report) by 97.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,937 shares of the company's stock after selling 1,274,846 shares during the quarter. Pictet Asset Management Holding SA's holdings in Adaptive Biotechnologies were worth $161,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ADPT. Vanguard Group Inc. lifted its holdings in shares of Adaptive Biotechnologies by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company's stock worth $64,236,000 after acquiring an additional 75,448 shares during the last quarter. State Street Corp boosted its position in Adaptive Biotechnologies by 2.0% during the third quarter. State Street Corp now owns 2,551,785 shares of the company's stock valued at $13,065,000 after buying an additional 48,885 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Adaptive Biotechnologies by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 956,574 shares of the company's stock worth $5,735,000 after buying an additional 39,831 shares during the period. Prudential Financial Inc. increased its holdings in shares of Adaptive Biotechnologies by 3,290.8% in the fourth quarter. Prudential Financial Inc. now owns 481,965 shares of the company's stock worth $2,889,000 after buying an additional 467,751 shares during the period. Finally, FMR LLC lifted its stake in shares of Adaptive Biotechnologies by 102.0% in the 3rd quarter. FMR LLC now owns 233,566 shares of the company's stock valued at $1,196,000 after acquiring an additional 117,965 shares during the last quarter. 99.17% of the stock is owned by institutional investors.

Adaptive Biotechnologies Price Performance

ADPT traded down $0.02 on Thursday, hitting $7.47. The company had a trading volume of 291,983 shares, compared to its average volume of 1,490,636. Adaptive Biotechnologies Co. has a 52-week low of $2.28 and a 52-week high of $9.01. The firm has a market capitalization of $1.11 billion, a P/E ratio of -6.85 and a beta of 1.73. The stock has a fifty day simple moving average of $7.90 and a 200-day simple moving average of $6.68.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) 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 company posted ($0.30) earnings per share. Equities research analysts expect that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADPT has been the subject of several recent research reports. The Goldman Sachs Group upgraded 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. Scotiabank boosted their price objective on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company 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 from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. Finally, BTIG Research boosted their price target on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a "buy" rating in a report on Wednesday, December 18th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $9.40.

Insider Transactions at Adaptive Biotechnologies

In other news, Director Peter M. Neupert sold 10,000 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $7.05, for a total transaction of $70,500.00. Following the completion of the transaction, the director now directly owns 224,690 shares in the company, valued at $1,584,064.50. This trade represents a 4.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chad M. Robins sold 211,160 shares of the company's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total transaction of $1,794,860.00. Following the completion of the transaction, the chief executive officer now owns 2,576,701 shares in the company, valued at approximately $21,901,958.50. The trade was a 7.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 757,601 shares of company stock valued at $6,040,624 in the last ninety days. 6.20% of the stock is currently owned by corporate insiders.

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.