Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Expected to Rise, BTIG Research Analyst Says

Adaptive Biotechnologies (NASDAQ:ADPT) had its price objective upped by BTIG Research from $25.00 to $34.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s target price would suggest a potential upside of 22.04% from the stock’s previous close.

ADPT has been the subject of several other research reports. Piper Sandler increased their target price on Adaptive Biotechnologies from $20.00 to $27.50 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Morgan Stanley upped their price target on Adaptive Biotechnologies from $20.00 to $22.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Guggenheim increased their price objective on Adaptive Biotechnologies from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. TD Cowen raised their price objective on shares of Adaptive Biotechnologies from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adaptive Biotechnologies in a research report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.92.

Adaptive Biotechnologies Stock Performance

Shares of ADPT opened at $27.86 on Tuesday. The company has a market capitalization of $4.45 billion, a PE ratio of -67.95 and a beta of 2.09. Adaptive Biotechnologies has a one year low of $12.00 and a one year high of $28.78. The company has a debt-to-equity ratio of 2.22, a current ratio of 4.79 and a quick ratio of 4.68. The company’s fifty day moving average price is $24.50 and its 200 day moving average price is $18.75.

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

Insiders Place Their Bets

In other Adaptive Biotechnologies news, CEO Chad Robins sold 321,324 shares of Adaptive Biotechnologies stock in a transaction on Monday, August 17th. The stock was sold at an average price of $25.08, for a total transaction of $8,058,805.92. Following the completion of the transaction, the chief executive officer directly owned 2,180,518 shares of the company’s stock, valued at approximately $54,687,391.44. This trade represents a 12.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Harlan S. Robins sold 492,400 shares of the business’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $21.89, for a total transaction of $10,778,636.00. Following the completion of the sale, the insider owned 812,058 shares in the company, valued at $17,775,949.62. This represents a 37.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 2,017,025 shares of company stock worth $47,093,615 in the last 90 days. 5.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several institutional investors have recently added to or reduced their stakes in ADPT. Tidal Investments LLC acquired a new position in Adaptive Biotechnologies in the second quarter valued at about $855,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Adaptive Biotechnologies during the second quarter worth approximately $46,000. Arizona State Retirement System raised its stake in shares of Adaptive Biotechnologies by 1.3% in the second quarter. Arizona State Retirement System now owns 31,866 shares of the company’s stock valued at $684,000 after acquiring an additional 416 shares during the last quarter. Nykredit A S acquired a new position in shares of Adaptive Biotechnologies in the 2nd quarter worth approximately $31,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Adaptive Biotechnologies in 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.