Adaptive Biotechnologies (NASDAQ:ADPT) Sets New 52-Week High – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $7.50 and last traded at $7.45, with a volume of 1765685 shares. The stock had previously closed at $6.81.

Analysts Set New Price Targets

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

Adaptive Biotechnologies Trading Up 1.5 %

The firm’s fifty day simple moving average is $6.20 and its 200 day simple moving average is $5.20. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -6.07 and a beta of 1.47.

Hedge Funds Weigh In On Adaptive Biotechnologies

Several large investors have recently bought and sold shares of the business. Barclays PLC boosted its position in shares of Adaptive Biotechnologies by 149.5% during the 3rd quarter. Barclays PLC now owns 230,177 shares of the company’s stock worth $1,180,000 after acquiring an additional 137,936 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in 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 worth $39,597,000 after purchasing an additional 834,253 shares during the last quarter. Millrace Asset Group Inc. acquired a new position in Adaptive Biotechnologies in the third quarter valued at approximately $1,396,000. Point72 Asset Management L.P. purchased a new position in Adaptive Biotechnologies in the third quarter valued at approximately $2,537,000. Finally, Rubric Capital Management LP raised its holdings in Adaptive Biotechnologies by 2.9% during the third quarter. Rubric Capital Management LP now owns 14,400,000 shares of the company’s stock worth $73,728,000 after purchasing an additional 400,000 shares in the last quarter. Hedge funds and other institutional investors own 99.17% of the company’s stock.

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.