Adaptive Biotechnologies Co. (NASDAQ:ADPT) Sees Significant Decrease in Short Interest

Adaptive Biotechnologies Co. (NASDAQ:ADPT - Get Free Report) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 8,960,000 shares, a decline of 5.5% from the October 15th total of 9,480,000 shares. Based on an average daily volume of 1,050,000 shares, the short-interest ratio is currently 8.5 days.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Adaptive Biotechnologies by 11.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company's stock valued at $24,977,000 after acquiring an additional 722,924 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company's stock valued at $39,597,000 after acquiring an additional 834,253 shares during the period. Millennium Management LLC boosted its holdings in Adaptive Biotechnologies by 1,008.3% during the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company's stock valued at $33,530,000 after acquiring an additional 8,426,580 shares during the period. Acadian Asset Management LLC purchased a new stake in Adaptive Biotechnologies during the 1st quarter valued at about $519,000. Finally, AQR Capital Management LLC boosted its holdings in Adaptive Biotechnologies by 244.4% during the 2nd quarter. AQR Capital Management LLC now owns 182,076 shares of the company's stock valued at $635,000 after acquiring an additional 129,201 shares during the period. 99.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ADPT shares. JPMorgan Chase & Co. upped their price target on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an "overweight" rating in a research report on Friday, August 2nd. BTIG Research upped their price target on Adaptive Biotechnologies from $7.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday, October 2nd. Finally, Piper Sandler upped their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an "overweight" rating in a research report on Monday, November 11th.

Adaptive Biotechnologies Stock Down 7.9 %

ADPT traded down $0.40 during trading on Monday, reaching $4.68. 1,390,561 shares of the company were exchanged, compared to its average volume of 1,406,645. The company has a market cap of $690.67 million, a price-to-earnings ratio of -3.60 and a beta of 1.45. The company's 50-day moving average is $4.95 and its two-hundred day moving average is $4.27. Adaptive Biotechnologies has a 12-month low of $2.28 and a 12-month high of $6.70.

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.