Adaptive Biotechnologies (NASDAQ:ADPT) Shares Up 7.9% Following Analyst Upgrade

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price traded up 7.9% during trading on Thursday after Scotiabank raised their price target on the stock from $10.00 to $12.00. Scotiabank currently has a sector outperform rating on the stock. Adaptive Biotechnologies traded as high as $8.13 and last traded at $8.15. 453,401 shares changed hands during trading, a decline of 70% from the average session volume of 1,494,131 shares. The stock had previously closed at $7.55.

ADPT has been the topic of several other reports. The Goldman Sachs Group increased their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Tuesday, January 28th. Piper Sandler increased their price objective on shares of Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Finally, BTIG Research lifted their target price on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.30.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ADPT. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Adaptive Biotechnologies by 12.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock valued at $39,597,000 after buying an additional 834,253 shares during the last quarter. Clearline Capital LP acquired a new position in shares of Adaptive Biotechnologies in the 3rd quarter valued at about $3,147,000. Point72 Asset Management L.P. purchased a new position in shares of Adaptive Biotechnologies during the 3rd quarter valued at approximately $2,537,000. Massachusetts Financial Services Co. MA increased its holdings in Adaptive Biotechnologies by 17.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,370,919 shares of the company’s stock valued at $20,209,000 after buying an additional 489,555 shares in the last quarter. Finally, Prudential Financial Inc. raised its holdings in Adaptive Biotechnologies by 3,290.8% in the 4th quarter. Prudential Financial Inc. now owns 481,965 shares of the company’s stock worth $2,889,000 after purchasing an additional 467,751 shares during the period. Hedge funds and other institutional investors own 99.17% of the company’s stock.

Adaptive Biotechnologies Trading Up 11.2 %

The business has a 50-day moving average price of $6.92 and a 200-day moving average price of $5.59. The stock has a market cap of $1.24 billion, a PE ratio of -6.25 and a beta of 1.50.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative net margin of 110.13% and a negative return on equity of 62.06%. During the same quarter in the previous year, the firm posted ($0.30) EPS. Equities analysts expect that Adaptive Biotechnologies Co. will post -1.08 earnings per share for the current year.

About Adaptive Biotechnologies

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.