Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price Up 6.9% – Here’s What Happened

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s stock price rose 6.9% on Wednesday . The stock traded as high as $7.82 and last traded at $7.86. Approximately 516,703 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 1,427,025 shares. The stock had previously closed at $7.35.

Analyst Upgrades and Downgrades

ADPT has been the topic of several analyst reports. BTIG Research lifted their target price on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, December 18th. The Goldman Sachs Group raised shares of Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and lifted their target price for the company from $8.00 to $9.00 in a report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $11.00 price objective (up previously from $7.00) on shares of Adaptive Biotechnologies in a research note on Thursday, February 20th. Finally, Scotiabank raised their price objective on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $9.40.

Adaptive Biotechnologies Price Performance

The company has a market cap of $1.25 billion, a price-to-earnings ratio of -7.71 and a beta of 1.53. The business’s 50-day simple moving average is $7.70 and its 200-day simple moving average is $6.19.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (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 previous year, the company earned ($0.30) earnings per share. As a group, sell-side analysts forecast that Adaptive Biotechnologies Co. will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other news, Director Robert Hershberg sold 53,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $7.59, for a total value of $402,270.00. Following the completion of the transaction, the director now owns 69,690 shares of the company’s stock, valued at $528,947.10. The trade was a 43.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kyle Piskel sold 10,320 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $6.98, for a total transaction of $72,033.60. Following the completion of the transaction, the chief financial officer now directly owns 269,010 shares of the company’s stock, valued at approximately $1,877,689.80. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 755,903 shares of company stock worth $6,025,342. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Adaptive Biotechnologies

A number of hedge funds have recently made changes to their positions in the stock. KBC Group NV purchased a new position in shares of Adaptive Biotechnologies in the 4th quarter worth about $50,000. Townsquare Capital LLC acquired a new stake in Adaptive Biotechnologies during the 3rd quarter valued at approximately $56,000. GAMMA Investing LLC bought a new stake in shares of Adaptive Biotechnologies in the 4th quarter worth approximately $59,000. Cibc World Markets Corp bought a new stake in shares of Adaptive Biotechnologies in the 4th quarter worth approximately $65,000. Finally, Centiva Capital LP bought a new stake in shares of Adaptive Biotechnologies in the 3rd quarter worth approximately $80,000. Institutional investors and hedge funds 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.