Craig Hallum Initiates Coverage on Adaptive Biotechnologies (NASDAQ:ADPT)

Craig Hallum assumed coverage on shares of Adaptive Biotechnologies (NASDAQ:ADPT) in a research note released on Wednesday, MarketBeat Ratings reports. The firm issued a buy rating and a $15.00 price target on the stock.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group boosted their price target on Adaptive Biotechnologies from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Piper Sandler restated an “overweight” rating and set a $13.00 price objective (up from $11.00) on shares of Adaptive Biotechnologies in a report on Tuesday, May 6th. Finally, Morgan Stanley upped their price objective on Adaptive Biotechnologies from $7.00 to $9.00 and gave the stock an “equal weight” rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.57.

Adaptive Biotechnologies Stock Performance

Shares of ADPT opened at $10.38 on Wednesday. The stock has a fifty day moving average of $9.03 and a two-hundred day moving average of $7.95. The company has a market capitalization of $1.58 billion, a PE ratio of -10.81 and a beta of 1.80. Adaptive Biotechnologies has a fifty-two week low of $3.17 and a fifty-two week high of $10.87.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.08. The company had revenue of $52.44 million during the quarter, compared to the consensus estimate of $42.13 million. Adaptive Biotechnologies had a negative return on equity of 62.79% and a negative net margin of 74.84%. Adaptive Biotechnologies’s revenue was up 25.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.33) EPS. As a group, equities research analysts forecast that Adaptive Biotechnologies will post -0.92 earnings per share for the current fiscal year.

Insider Transactions at Adaptive Biotechnologies

In related news, insider Harlan S. Robins sold 68,412 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $7.35, for a total transaction of $502,828.20. Following the completion of the sale, the insider now directly owns 1,279,524 shares of the company’s stock, valued at approximately $9,404,501.40. This represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 72,039 shares of company stock worth $535,259 in the last ninety days. Insiders own 6.40% of the company’s stock.

Institutional Trading of Adaptive Biotechnologies

A number of institutional investors have recently added to or reduced their stakes in the business. Fox Run Management L.L.C. boosted its position in Adaptive Biotechnologies by 8.2% during the 1st quarter. Fox Run Management L.L.C. now owns 21,565 shares of the company’s stock worth $160,000 after purchasing an additional 1,631 shares during the period. Russell Investments Group Ltd. boosted its position in Adaptive Biotechnologies by 2.7% during the 4th quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company’s stock worth $486,000 after purchasing an additional 2,163 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Adaptive Biotechnologies by 4.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,916 shares of the company’s stock worth $395,000 after purchasing an additional 2,625 shares during the period. D.A. Davidson & CO. boosted its position in Adaptive Biotechnologies by 3.8% during the 1st quarter. D.A. Davidson & CO. now owns 91,850 shares of the company’s stock worth $682,000 after purchasing an additional 3,400 shares during the period. Finally, GAMMA Investing LLC boosted its position in Adaptive Biotechnologies by 36.5% during the 1st quarter. GAMMA Investing LLC now owns 13,393 shares of the company’s stock worth $100,000 after purchasing an additional 3,583 shares during the period. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.