Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down – What’s Next?

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $8.12, but opened at $6.97. Adaptive Biotechnologies shares last traded at $8.19, with a volume of 2,416,660 shares changing hands.

Analysts Set New Price Targets

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

Adaptive Biotechnologies Trading Down 6.1 %

The company has a market capitalization of $1.13 billion, a P/E ratio of -6.98 and a beta of 1.53. The stock has a 50 day moving average of $7.47 and a 200-day moving average of $5.98.

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

Insiders Place Their Bets

In other news, CEO Chad M. Robins sold 211,160 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $8.50, for a total value of $1,794,860.00. Following the completion of the transaction, the chief executive officer now owns 2,576,701 shares of the company’s stock, valued at $21,901,958.50. This represents a 7.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 469,188 shares of company stock worth $3,975,795. Corporate insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ADPT. US Bancorp DE raised its position in shares of Adaptive Biotechnologies by 77.2% during the third 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 during the last quarter. ARK Investment Management LLC grew its stake in Adaptive Biotechnologies by 1.7% during the third quarter. ARK Investment Management LLC now owns 11,601,134 shares of the company’s stock valued at $59,398,000 after acquiring an additional 189,134 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in Adaptive Biotechnologies in the 3rd quarter valued at $34,000. GSA Capital Partners LLP purchased a new stake in Adaptive Biotechnologies in the 3rd quarter worth $247,000. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings 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 valued at $39,597,000 after purchasing an additional 834,253 shares during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.

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.