Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down – Should You Sell?

Adaptive Biotechnologies Co. (NASDAQ:ADPT) gapped down before the market opened on Monday . The stock had previously closed at $7.67, but opened at $7.27. Adaptive Biotechnologies shares last traded at $7.40, with a volume of 193,980 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ADPT shares. BTIG Research increased their price objective on shares of Adaptive Biotechnologies from $8.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, December 18th. Scotiabank boosted their target price on shares of Adaptive Biotechnologies from $10.00 to $12.00 and gave the company a “sector outperform” rating in a research report on Thursday, February 13th. The Goldman Sachs Group upgraded Adaptive Biotechnologies from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $8.00 to $9.00 in a research report on Friday, March 21st. Finally, Piper Sandler reiterated an “overweight” rating and set a $11.00 price target (up from $7.00) on shares of Adaptive Biotechnologies in a report on Thursday, February 20th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Adaptive Biotechnologies currently has an average rating of “Buy” and an average price target of $9.40.

Adaptive Biotechnologies Stock Performance

The firm has a market cap of $1.12 billion, a P/E ratio of -6.90 and a beta of 1.53. The stock’s 50 day simple moving average is $7.91 and its 200 day simple moving average is $6.42.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its quarterly earnings data 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 return on equity of 64.65% and a negative net margin of 89.12%. During the same period in the previous year, the company earned ($0.30) EPS. As a group, analysts forecast that Adaptive Biotechnologies Co. will post -0.92 EPS for the current fiscal year.

Insider Transactions at Adaptive Biotechnologies

In related news, CEO Chad M. Robins sold 211,160 shares of the business’s stock in a transaction that occurred on 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 owns 2,576,701 shares in the company, valued at $21,901,958.50. The trade was a 7.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 757,601 shares of company stock valued at $6,040,624. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Adaptive Biotechnologies

A number of institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System increased its stake in shares of 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 bought a new position in Adaptive Biotechnologies in the 4th quarter valued at $711,000. Voloridge Investment Management LLC purchased a new position in shares of Adaptive Biotechnologies during the fourth quarter worth approximately $174,000. Soleus Capital Management L.P. raised its holdings in shares of Adaptive Biotechnologies by 168.1% in the 4th quarter. Soleus Capital Management L.P. now owns 2,983,142 shares of the company’s stock valued at $17,884,000 after purchasing an additional 1,870,393 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in shares of Adaptive Biotechnologies by 265.3% during the 4th quarter. Squarepoint Ops LLC now owns 44,401 shares of the company’s stock worth $266,000 after purchasing an additional 32,247 shares during the last quarter. 99.17% of the stock is currently owned by 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.