Adaptive Biotechnologies (NASDAQ:ADPT) Trading Up 6.9% – Should You Buy?

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

Analyst Ratings Changes

Several research firms recently weighed in on ADPT. Scotiabank lifted their price target 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. BTIG Research lifted their price target 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. Piper Sandler reiterated an “overweight” rating and issued a $11.00 price target (up previously from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Finally, The Goldman Sachs Group lifted their price target on shares of Adaptive Biotechnologies from $5.50 to $7.50 and gave the company a “neutral” rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.10.

Adaptive Biotechnologies Price Performance

The firm has a 50-day simple moving average of $7.66 and a 200 day simple moving average of $6.17. The firm has a market cap of $1.15 billion, a PE ratio of -7.26 and a beta of 1.53.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.04. Adaptive Biotechnologies had a negative return on equity of 64.65% and a negative net margin of 89.12%. During the same period last year, the firm posted ($0.30) earnings per share. Sell-side analysts forecast that Adaptive Biotechnologies Co. will post -0.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Chad M. Robins sold 211,160 shares of Adaptive Biotechnologies 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 sale, the chief executive officer now directly owns 2,576,701 shares in the company, valued at approximately $21,901,958.50. This trade represents a 7.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kyle Piskel sold 10,320 shares of Adaptive Biotechnologies stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $6.98, for a total value of $72,033.60. Following the completion of the sale, the chief financial officer now owns 269,010 shares of the company’s stock, valued at $1,877,689.80. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 755,903 shares of company stock worth $6,025,342. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its holdings in Adaptive Biotechnologies by 1,060.5% in the 4th quarter. California State Teachers Retirement System now owns 97,388 shares of the company’s stock worth $584,000 after purchasing an additional 88,996 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Adaptive Biotechnologies during the 4th quarter worth approximately $711,000. Voloridge Investment Management LLC purchased a new stake in shares of Adaptive Biotechnologies during the 4th quarter worth approximately $174,000. Soleus Capital Management L.P. raised its holdings in shares of Adaptive Biotechnologies by 168.1% during the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock worth $17,884,000 after acquiring an additional 1,870,393 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in Adaptive Biotechnologies by 265.3% during the 4th quarter. Squarepoint Ops LLC now owns 44,401 shares of the company’s stock valued at $266,000 after buying an additional 32,247 shares during the period. 99.17% of the stock is currently owned by institutional investors.

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.