Adaptive Biotechnologies (NASDAQ:ADPT) Shares Down 6.5% After Insider Selling

Adaptive Biotechnologies Co. (NASDAQ:ADPT) shares dropped 6.5% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $7.08 and last traded at $7.26. Approximately 739,149 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 1,624,505 shares. The stock had previously closed at $7.77.

Specifically, Director Michelle Renee Griffin sold 15,664 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $7.94, for a total value of $124,372.16. Following the transaction, the director now directly owns 51,685 shares of the company’s stock, valued at approximately $410,378.90. This trade represents a 23.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Chad M. Robins sold 117,351 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $819,109.98. Following the transaction, the chief executive officer now directly owns 2,814,350 shares in the company, valued at approximately $19,644,163. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. In related news, COO Julie Rubinstein sold 59,505 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $415,344.90. Following the sale, the chief operating officer now owns 588,249 shares in the company, valued at approximately $4,105,978.02. The trade was a 9.19 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

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

Adaptive Biotechnologies Stock Down 3.7 %

The business has a 50-day simple moving average of $7.53 and a two-hundred day simple moving average of $6.00. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -6.83 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate 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 period last year, the business posted ($0.30) EPS. On average, analysts forecast that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE increased its position in shares of Adaptive Biotechnologies by 77.2% in the 3rd quarter. US Bancorp DE now owns 163,106 shares of the company’s stock valued at $835,000 after buying an additional 71,065 shares in the last quarter. ARK Investment Management LLC increased its stake in shares of Adaptive Biotechnologies by 1.7% during the 3rd quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock worth $59,398,000 after purchasing an additional 189,134 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in Adaptive Biotechnologies during the third quarter worth approximately $34,000. GSA Capital Partners LLP acquired a new stake in Adaptive Biotechnologies during the 3rd quarter valued at $247,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Adaptive Biotechnologies by 12.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,733,884 shares of the company’s stock worth $39,597,000 after buying an additional 834,253 shares during 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.