Scotiabank Issues Positive Forecast for Adaptive Biotechnologies (NASDAQ:ADPT) Stock Price

Adaptive Biotechnologies (NASDAQ:ADPT) had its price objective lifted by equities researchers at Scotiabank from $10.00 to $12.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 44.84% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Piper Sandler upped their price objective on Adaptive Biotechnologies from $6.00 to $7.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. The Goldman Sachs Group upped their price objective on Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Finally, BTIG Research upped their price objective on Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.30.

Adaptive Biotechnologies Stock Performance

Shares of NASDAQ:ADPT traded up $0.74 during midday trading on Thursday, reaching $8.29. 908,420 shares of the company’s stock traded hands, compared to its average volume of 1,508,405. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -6.17 and a beta of 1.50. Adaptive Biotechnologies has a one year low of $2.28 and a one year high of $8.33. The stock has a 50 day moving average of $6.92 and a 200 day moving average of $5.59.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 62.06% and a negative net margin of 110.13%. During the same quarter in the prior year, the company earned ($0.30) EPS. Sell-side analysts predict that Adaptive Biotechnologies will post -1.08 EPS for the current fiscal year.

Institutional Trading of Adaptive Biotechnologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Impact Partnership Wealth LLC increased its position in Adaptive Biotechnologies by 8.8% in the fourth quarter. Impact Partnership Wealth LLC now owns 19,078 shares of the company’s stock worth $114,000 after buying an additional 1,539 shares in the last quarter. Russell Investments Group Ltd. increased its position in Adaptive Biotechnologies by 2.7% in the fourth quarter. Russell Investments Group Ltd. now owns 80,994 shares of the company’s stock worth $486,000 after buying an additional 2,163 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Adaptive Biotechnologies by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 48,834 shares of the company’s stock worth $177,000 after purchasing an additional 2,710 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Adaptive Biotechnologies by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,292 shares of the company’s stock worth $188,000 after purchasing an additional 2,928 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its position in shares of Adaptive Biotechnologies by 30.8% during the third quarter. Vontobel Holding Ltd. now owns 17,000 shares of the company’s stock worth $87,000 after purchasing an additional 4,000 shares in the last quarter. Hedge funds and other 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.