Adaptive Biotechnologies (NASDAQ:ADPT) Hits New 12-Month High – Here’s Why

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price reached a new 52-week high on Friday . The stock traded as high as $7.19 and last traded at $7.07, with a volume of 661045 shares traded. The stock had previously closed at $6.19.

Analysts Set New Price Targets

ADPT has been the topic of several analyst reports. BTIG Research lifted their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Piper Sandler lifted their price target on Adaptive Biotechnologies from $6.00 to $7.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th.

Adaptive Biotechnologies Price Performance

The stock has a market capitalization of $1.05 billion, a P/E ratio of -5.30 and a beta of 1.49. The firm’s 50 day moving average price is $5.77 and its 200 day moving average price is $4.84.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC purchased a new position in Adaptive Biotechnologies during the fourth quarter valued at $59,000. B. Riley Wealth Advisors Inc. boosted its position in shares of Adaptive Biotechnologies by 48.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 20,000 shares of the company’s stock valued at $102,000 after buying an additional 6,500 shares during the last quarter. Barclays PLC grew its stake in shares of Adaptive Biotechnologies by 149.5% in the third quarter. Barclays PLC now owns 230,177 shares of the company’s stock worth $1,180,000 after acquiring an additional 137,936 shares during the period. Pier Capital LLC raised its stake in Adaptive Biotechnologies by 20.9% during the 3rd quarter. Pier Capital LLC now owns 1,275,885 shares of the company’s stock valued at $6,533,000 after buying an additional 220,586 shares during the last quarter. Finally, State Street Corp boosted its position in Adaptive Biotechnologies by 2.0% in the third quarter. State Street Corp now owns 2,551,785 shares of the company’s stock worth $13,065,000 after purchasing an additional 48,885 shares during the last quarter. Institutional investors own 99.17% of the company’s stock.

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.