Adaptive Biotechnologies (NASDAQ:ADPT) Trading Up 10.4% – Time to Buy?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares were up 10.4% during mid-day trading on Tuesday . The company traded as high as $7.13 and last traded at $7.36. Approximately 1,290,921 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 1,683,123 shares. The stock had previously closed at $6.67.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Scotiabank upped their price target on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. BTIG Research boosted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. The Goldman Sachs Group raised 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. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.10.

Adaptive Biotechnologies Stock Up 12.3 %

The firm has a 50-day moving average of $7.56 and a 200 day moving average of $6.06. The stock has a market capitalization of $1.11 billion, a P/E ratio of -6.87 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last released its quarterly earnings data on Tuesday, February 11th. The company reported ($0.23) EPS for the quarter, topping 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 quarter in the prior year, the business posted ($0.30) earnings per share. Analysts predict that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Insider Activity

In other news, CEO Chad M. Robins sold 211,160 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $8.50, for a total value of $1,794,860.00. Following the sale, the chief executive officer now owns 2,576,701 shares of the company’s stock, valued at approximately $21,901,958.50. This represents a 7.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kyle Piskel sold 10,320 shares of Adaptive Biotechnologies stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $72,033.60. Following the transaction, the chief financial officer now directly owns 269,010 shares of the company’s stock, valued at $1,877,689.80. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 692,903 shares of company stock worth $5,552,572. Company insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ADPT. Barclays PLC raised its position in Adaptive Biotechnologies by 149.5% in the 3rd quarter. Barclays PLC now owns 230,177 shares of the company’s stock valued at $1,180,000 after purchasing an additional 137,936 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Adaptive Biotechnologies by 12.1% in 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. Millrace Asset Group Inc. acquired a new position in Adaptive Biotechnologies during the 3rd quarter worth about $1,396,000. Point72 Asset Management L.P. bought a new stake in Adaptive Biotechnologies during the 3rd quarter worth about $2,537,000. Finally, Rubric Capital Management LP increased its position in Adaptive Biotechnologies by 2.9% in the 3rd quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock valued at $73,728,000 after acquiring an additional 400,000 shares in the last quarter. 99.17% of the stock is owned by institutional investors and hedge funds.

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.