Brokerages Set Adaptive Biotechnologies Co. (NASDAQ:ADPT) Target Price at $6.40

Shares of Adaptive Biotechnologies Co. (NASDAQ:ADPT) have earned an average recommendation of “Moderate Buy” from the six research firms that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $6.40.

Separately, JPMorgan Chase & Co. upped their price target on shares of Adaptive Biotechnologies from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd.

Adaptive Biotechnologies Price Performance

Shares of NASDAQ:ADPT opened at $4.26 on Friday. Adaptive Biotechnologies has a 12 month low of $2.28 and a 12 month high of $6.34. The firm has a market capitalization of $627.79 million, a P/E ratio of -2.86 and a beta of 1.42. The company’s fifty day moving average price is $4.48 and its 200 day moving average price is $3.68.

Adaptive Biotechnologies (NASDAQ:ADPT) last posted its earnings results on Thursday, August 1st. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.02. The business had revenue of $43.19 million during the quarter, compared to the consensus estimate of $38.63 million. Adaptive Biotechnologies had a negative return on equity of 60.99% and a negative net margin of 126.49%. The business’s quarterly revenue was down 11.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.33) EPS. On average, sell-side analysts anticipate that Adaptive Biotechnologies will post -1.19 EPS for the current year.

Institutional Trading of Adaptive Biotechnologies

Several hedge funds have recently made changes to their positions in ADPT. Rubric Capital Management LP raised its stake in shares of Adaptive Biotechnologies by 33.3% during the 2nd quarter. Rubric Capital Management LP now owns 14,000,000 shares of the company’s stock worth $50,680,000 after buying an additional 3,500,000 shares in the last quarter. Vanguard Group Inc. raised its position in Adaptive Biotechnologies by 0.8% in the first quarter. Vanguard Group Inc. now owns 12,869,818 shares of the company’s stock worth $41,312,000 after acquiring an additional 102,134 shares in the last quarter. ARK Investment Management LLC lifted its holdings in Adaptive Biotechnologies by 8.1% in the second quarter. ARK Investment Management LLC now owns 11,412,000 shares of the company’s stock valued at $41,311,000 after acquiring an additional 850,704 shares during the period. Millennium Management LLC boosted its position in shares of Adaptive Biotechnologies by 1,008.3% during the 2nd quarter. Millennium Management LLC now owns 9,262,341 shares of the company’s stock worth $33,530,000 after purchasing an additional 8,426,580 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Adaptive Biotechnologies by 11.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,899,631 shares of the company’s stock worth $24,977,000 after purchasing an additional 722,924 shares during the period. Institutional investors and hedge funds 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.