Adaptive Biotechnologies (NASDAQ:ADPT) Price Target Raised to $12.00 at Scotiabank

Adaptive Biotechnologies (NASDAQ:ADPT - Free Report) had its price target hoisted by Scotiabank from $10.00 to $12.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

ADPT has been the topic of several other research reports. Piper Sandler upped their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an "overweight" rating in a report on Monday, November 11th. BTIG Research boosted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a "buy" rating in a research note on Wednesday, December 18th. Finally, The Goldman Sachs Group boosted their target price on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a "neutral" rating in a research note on Tuesday, January 28th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $8.30.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ ADPT traded down $0.19 during trading on Thursday, hitting $8.33. The company had a trading volume of 2,005,056 shares, compared to its average volume of 1,356,083. The company has a market cap of $1.23 billion, a P/E ratio of -6.22 and a beta of 1.50. Adaptive Biotechnologies has a 52 week low of $2.28 and a 52 week high of $8.74. The business's 50-day moving average is $7.01 and its 200 day moving average is $5.65.

Adaptive Biotechnologies (NASDAQ:ADPT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 62.06% and a negative net margin of 110.13%. During the same period in the previous year, the company earned ($0.30) EPS. On average, research analysts expect that Adaptive Biotechnologies will post -1.08 EPS for the current year.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently modified their holdings of the stock. Rubric Capital Management LP increased its stake in shares of Adaptive Biotechnologies by 2.9% in the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company's stock worth $73,728,000 after acquiring an additional 400,000 shares during the last quarter. ARK Investment Management LLC increased its position in Adaptive Biotechnologies by 1.7% during the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company's stock worth $59,398,000 after buying an additional 189,134 shares during the last quarter. Vanguard Group Inc. increased its position in Adaptive Biotechnologies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,714,888 shares of the company's stock worth $64,236,000 after buying an additional 75,448 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company's stock worth $39,597,000 after buying an additional 834,253 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Adaptive Biotechnologies by 17.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company's stock worth $20,209,000 after buying an additional 489,555 shares during the last quarter. 99.17% of the stock is 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.