Adaptive Biotechnologies (NASDAQ:ADPT) Shares Gap Down to $3.41

Adaptive Biotechnologies Co. (NASDAQ:ADPT)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $3.41, but opened at $3.33. Adaptive Biotechnologies shares last traded at $3.40, with a volume of 160,446 shares.

Analyst Upgrades and Downgrades

Separately, BTIG Research reduced their target price on shares of Adaptive Biotechnologies from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Adaptive Biotechnologies currently has an average rating of “Moderate Buy” and an average target price of $6.80.

Adaptive Biotechnologies Trading Up 4.6 %

The firm’s fifty day moving average is $3.31 and its 200 day moving average is $3.67.

Adaptive Biotechnologies (NASDAQ:ADPT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.02. Adaptive Biotechnologies had a negative net margin of 123.24% and a negative return on equity of 56.58%. The firm had revenue of $41.87 million during the quarter, compared to analysts’ expectations of $38.78 million. During the same quarter in the prior year, the company earned ($0.40) EPS. The company’s revenue was up 11.2% compared to the same quarter last year. On average, equities analysts predict that Adaptive Biotechnologies Co. will post -1.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adaptive Biotechnologies

Hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in Adaptive Biotechnologies by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 859,067 shares of the company’s stock valued at $4,682,000 after acquiring an additional 21,177 shares during the last quarter. Hsbc Holdings PLC lifted its position in Adaptive Biotechnologies by 46.9% during the third quarter. Hsbc Holdings PLC now owns 37,039 shares of the company’s stock valued at $201,000 after acquiring an additional 11,817 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in Adaptive Biotechnologies during the 3rd quarter valued at approximately $251,000. Braidwell LP increased its stake in Adaptive Biotechnologies by 49.2% during the 3rd quarter. Braidwell LP now owns 967,690 shares of the company’s stock valued at $5,274,000 after purchasing an additional 319,239 shares in the last quarter. Finally, AXQ Capital LP acquired a new position in Adaptive Biotechnologies during the 3rd quarter valued at approximately $58,000. Hedge funds and other institutional investors own 99.17% of the company’s stock.

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.