Sumitomo Mitsui Trust Group Inc. Acquires 834,253 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) by 12.1% in the third quarter, HoldingsChannel.com reports. The fund owned 7,733,884 shares of the company’s stock after purchasing an additional 834,253 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.05% of Adaptive Biotechnologies worth $39,597,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Millennium Management LLC lifted its position in Adaptive Biotechnologies by 1,008.3% in the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after buying an additional 8,426,580 shares during the last quarter. Rubric Capital Management LP lifted its position in Adaptive Biotechnologies by 33.3% in the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after buying an additional 3,500,000 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Adaptive Biotechnologies by 50.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,912,027 shares of the company’s stock worth $14,162,000 after buying an additional 1,319,709 shares during the last quarter. ARK Investment Management LLC lifted its position in Adaptive Biotechnologies by 8.1% in the 2nd quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock worth $41,311,000 after buying an additional 850,704 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Adaptive Biotechnologies by 11.7% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after buying an additional 722,924 shares during the last quarter. Institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Stock Performance

Shares of ADPT stock opened at $5.08 on Friday. Adaptive Biotechnologies Co. has a fifty-two week low of $2.28 and a fifty-two week high of $6.70. The stock has a 50 day moving average price of $4.95 and a two-hundred day moving average price of $4.25. The company has a market capitalization of $749.71 million, a P/E ratio of -3.79 and a beta of 1.45.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ADPT shares. BTIG Research boosted their target price on Adaptive Biotechnologies from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. boosted their price objective on Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, Piper Sandler boosted their price objective on Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a research report on Monday, November 11th.

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.