Robert Hershberg Sells 53,000 Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) Stock

Adaptive Biotechnologies Co. (NASDAQ:ADPT) Director Robert Hershberg sold 53,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $7.59, for a total value of $402,270.00. Following the sale, the director now owns 69,690 shares in the company, valued at approximately $528,947.10. This trade represents a 43.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Adaptive Biotechnologies Stock Performance

NASDAQ:ADPT opened at $7.28 on Friday. Adaptive Biotechnologies Co. has a 52 week low of $2.28 and a 52 week high of $8.95. The firm’s fifty day moving average is $7.65 and its 200-day moving average is $6.11. The firm has a market cap of $1.08 billion, a P/E ratio of -6.68 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last issued its quarterly earnings results 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 quarter in the previous year, the company earned ($0.30) EPS. As a group, sell-side analysts anticipate that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Large investors have recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new position in Adaptive Biotechnologies in the third quarter valued at approximately $34,000. KBC Group NV bought a new stake in shares of Adaptive Biotechnologies in the 4th quarter valued at $50,000. GAMMA Investing LLC acquired a new position in shares of Adaptive Biotechnologies during the 4th quarter valued at $59,000. Cibc World Markets Corp bought a new position in Adaptive Biotechnologies during the fourth quarter worth $65,000. Finally, Townsquare Capital LLC acquired a new stake in Adaptive Biotechnologies in the third quarter worth $56,000. Institutional investors and hedge funds own 99.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Piper Sandler reissued an “overweight” rating and set a $11.00 target price (up from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. BTIG Research boosted their price objective on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Scotiabank lifted their target price on Adaptive Biotechnologies from $10.00 to $12.00 and gave the stock a “sector outperform” rating in a report on Thursday, February 13th. Finally, The Goldman Sachs Group upped their price target on Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.10.

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.