Essex Investment Management Co. LLC Cuts Stake in Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Essex Investment Management Co. LLC lowered its position in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 12.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 625,838 shares of the company’s stock after selling 92,818 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Adaptive Biotechnologies were worth $3,752,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of ADPT. Ashton Thomas Securities LLC purchased a new position in Adaptive Biotechnologies during the 3rd quarter worth $34,000. KBC Group NV purchased a new position in Adaptive Biotechnologies during the 4th quarter worth $50,000. Townsquare Capital LLC purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at about $56,000. GAMMA Investing LLC purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter valued at about $59,000. Finally, Centiva Capital LP purchased a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at about $80,000. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Trading Down 5.4 %

Shares of NASDAQ ADPT opened at $7.35 on Friday. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of -6.74 and a beta of 1.53. Adaptive Biotechnologies Co. has a 52 week low of $2.28 and a 52 week high of $8.95. The company’s 50-day moving average price is $7.55 and its 200 day moving average price is $6.03.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, beating 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 period in the previous year, the business posted ($0.30) EPS. As a group, research analysts expect that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other Adaptive Biotechnologies news, Director Michelle Renee Griffin sold 15,664 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $7.94, for a total transaction of $124,372.16. Following the sale, the director now directly owns 51,685 shares of the company’s stock, valued at $410,378.90. This trade represents a 23.26 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chad M. Robins sold 211,160 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 2,576,701 shares in the company, valued at $21,901,958.50. This represents a 7.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 692,903 shares of company stock valued at $5,552,572 in the last ninety days. Insiders own 6.20% of the company’s stock.

Wall Street Analyst Weigh In

ADPT has been the subject of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. BTIG Research increased their price target 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. The Goldman Sachs Group increased their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 28th. Finally, Scotiabank increased their price target on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.10.

Adaptive Biotechnologies 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.