Adaptive Biotechnologies (NASDAQ:ADPT) Reaches New 12-Month High – What’s Next?

Adaptive Biotechnologies Corporation (NASDAQ:ADPT)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $27.34 and last traded at $26.68, with a volume of 4123123 shares. The stock had previously closed at $24.78.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ADPT shares. Guggenheim raised their target price on shares of Adaptive Biotechnologies from $22.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. TD Cowen increased their price target on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. BTIG Research lifted their price objective on shares of Adaptive Biotechnologies from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research report on Friday, July 17th. Finally, Piper Sandler boosted their price objective on shares of Adaptive Biotechnologies from $20.00 to $27.50 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.42.

Adaptive Biotechnologies Price Performance

The company has a current ratio of 4.79, a quick ratio of 4.68 and a debt-to-equity ratio of 2.22. The company has a market capitalization of $4.56 billion, a P/E ratio of -69.63 and a beta of 2.09. The company has a 50 day moving average price of $24.21 and a 200 day moving average price of $18.58.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.12). Adaptive Biotechnologies had a negative net margin of 20.73% and a negative return on equity of 36.81%. The business had revenue of $71.55 million during the quarter, compared to the consensus estimate of $65.44 million. During the same quarter last year, the company posted ($0.17) EPS. The firm’s revenue was up 21.5% on a year-over-year basis. On average, equities analysts predict that Adaptive Biotechnologies Corporation will post -0.4 EPS for the current fiscal year.

Insider Transactions at Adaptive Biotechnologies

In other news, insider Harlan Robins sold 492,400 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $21.89, for a total value of $10,778,636.00. Following the transaction, the insider directly owned 812,058 shares of the company’s stock, valued at $17,775,949.62. This represents a 37.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sharon Benzeno sold 154,768 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $21.14, for a total transaction of $3,271,795.52. Following the sale, the insider owned 221,278 shares of the company’s stock, valued at approximately $4,677,816.92. This represents a 41.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,901,619 shares of company stock valued at $43,855,323. Corporate insiders own 5.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Tidal Investments LLC acquired a new stake in Adaptive Biotechnologies during the second quarter worth approximately $855,000. Integrated Wealth Concepts LLC bought a new position in shares of Adaptive Biotechnologies during the second quarter worth approximately $46,000. Arizona State Retirement System increased its stake in shares of Adaptive Biotechnologies by 1.3% during the second quarter. Arizona State Retirement System now owns 31,866 shares of the company’s stock worth $684,000 after purchasing an additional 416 shares during the period. Nykredit A S bought a new position in shares of Adaptive Biotechnologies during the second quarter worth approximately $31,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Adaptive Biotechnologies during the 2nd quarter worth approximately $754,000. 99.17% of the stock is owned by institutional investors.

About Adaptive Biotechnologies

Adaptive Biotechnologies Corp. (NASDAQ: ADPT) is a biotechnology company focused on applying immune-system data to the diagnosis and treatment of disease. The company develops technologies that decode T-cell and B-cell receptors, helping researchers and clinicians analyze the adaptive immune response at the scale of individual immune cells.

Its key products include clonoSEQ, a clinical diagnostic test that measures minimal residual disease in certain blood cancers, including multiple myeloma and acute lymphoblastic leukemia.