Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 9.4% – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares traded up 9.4% during trading on Tuesday . The stock traded as high as $8.46 and last traded at $8.44. 184,400 shares traded hands during trading, a decline of 88% from the average session volume of 1,487,053 shares. The stock had previously closed at $7.71.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADPT. Piper Sandler restated an “overweight” rating and set a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Scotiabank upped their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a research note on Thursday, February 13th. BTIG Research raised their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. Finally, The Goldman Sachs Group upgraded shares of Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $8.00 to $9.00 in a report on Friday, March 21st. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $9.40.

Adaptive Biotechnologies Stock Performance

The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -7.08 and a beta of 1.73. The company has a 50-day moving average price of $7.90 and a 200-day moving average price of $6.58.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, topping 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 earned ($0.30) EPS. On average, research analysts expect that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Chad M. Robins sold 211,160 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 2,576,701 shares in the company, valued at $21,901,958.50. This trade represents a 7.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kyle Piskel sold 10,320 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total value of $72,033.60. Following the completion of the sale, the chief financial officer now owns 269,010 shares of the company’s stock, valued at approximately $1,877,689.80. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 757,601 shares of company stock worth $6,040,624 in the last ninety days. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its holdings in shares of Adaptive Biotechnologies by 149.5% in the third quarter. Barclays PLC now owns 230,177 shares of the company’s stock valued at $1,180,000 after buying an additional 137,936 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Adaptive Biotechnologies by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 956,574 shares of the company’s stock valued at $5,735,000 after acquiring an additional 39,831 shares during the last quarter. FMR LLC lifted its position in Adaptive Biotechnologies by 102.0% during the 3rd quarter. FMR LLC now owns 233,566 shares of the company’s stock worth $1,196,000 after acquiring an additional 117,965 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at approximately $860,000. Finally, State Street Corp increased its holdings in shares of Adaptive Biotechnologies by 2.0% in the third quarter. State Street Corp now owns 2,551,785 shares of the company’s stock valued at $13,065,000 after purchasing an additional 48,885 shares during the period. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.